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  • Capview Warehouse Fund

  • Coral Gables, FL 33134
  • Overview
  • Executive Summary
  • Investment Strategy
  • Partner Profiles
  • Industry Overview
  • FAQs
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General Information

CAPVIEW PARTNERS

Capview Partners develops differentiated fund strategies with a core focus on net lease real estate. Recently, the firm has expanded its strategic direction to include the single-family residential (SFR) market, leveraging the expertise of seasoned external advisors specializing in SFR assets.

Capview Holdings
 
 
 
 
 
 
Capview Advisors Capview Partners Appreciation Homes CapFree Xchange

Single Family Rentals Under A Triple Net Lease

  • Customizable Leverage, a Portfolio Built-to-Suit
  • Direct Title Ownership, Full Asset Control
  • Credit-Rated Tenant:
  • Income Stability with 1% Annual Rent Increases
  • 1031 Exchange Eligible, Tax-Advantageous Investment

Capview Partners is a proven and experienced real estate net lease investment manager with a successful track record dating back to its founding in 2010. We develop specialized fund strategies for accredited investors, leveraging our expert advisory capabilities alongside carefully selected and secured investments. Our approach is designed to generate attractive returns within the resilient and stable single-family residential asset class.

Executive Summary

Innovative Net Lease Product

 
NNN
SFR HOMES
Appreciation Homes (AH) net leases single-family rental (SFR) homes, making them simple, safe, and accessible to a wide range of buyers.
$1.49
TRILLION
The residential real estate transaction market is projected to reach a transaction value of $1.49 trillion2 of annual demand.
BBB+
RATED TENANT
AH has a BBB+ credit rating1 and leases homes under a long-term net lease structure, providing owners with passive ownership.
 

Single Family Rentals Under A Triple Net Lease



 

Reimagining Property Ownership



 

Relinquish Maintenance Responsibility



 

Invest and Relax with Zero Maintenance Responsibility

Appreciation Homes is a BBB+ credit-rated1 tenant that assumes complete responsibility for all labor, time spent, and costs associated with maintaining, owning and leasing the investor’s rental property. Actively managing a rental property involves numerous headaches, from marketing and leasing the property to costly capital expenditures


 

Track Record

Historic House Hotels

At the age of 24, Nicholas Crawley became a Director of Historic House Hotels Ltd. This Company, which was privately funded, opened three hotels in the UK:

  • Bodysgallen Hall, North Wales
  • Middlethorpe Hall, York
  • Hartwell House, near Aylesbury

All three hotels are members of Relais Chateaux and won many plaudits in the guidebooks over the years. The Company obtained the Queen's Award for Export and a Prince of Wales Award for the restoration of Bodysgallen. Nicholas had responsibility for aspects of operating the hotels and a particular responsibility for converting the listed buildings (two of them Grade I) into hotels.

Regal Hotel Group PLC

Nicholas Crawley was Managing Director of this group of hotels, which at its peak operated 130 hotels and over 20 restaurants in the UK. The group was the seventh largest hotel company in the UK in the late 1990s.

In 1998, the Company turned over £117 million making pre-tax profits of £20 million. During Nicholas Crawley’s tenure as Managing Director, the share price quadrupled in value. In 2000, the Company was taken over by Malaysian United Industries and eventually privatized.

Hotel Isle de France, St Barths

Nicholas served eight years as Chairman of this award-winning five-star hotel in St Barths. The Hotel consistently won awards in Conde Nast as one of the best hotels in the world.

The Hotel had 40 rooms and suites and achieved an average room rate in 2015 of Euros 1,000 a night. The Hotel was sold in 2015 for what was estimated by CBRE to be a world record price per room.

Scotsman Hotel Group

In 2001, Nicholas Crawley helped convert the Old headquarters of the Scotsman Newspaper Group into a five-star hotel with 55 rooms, whisky bar, two restaurants, and a health club and spa. There was also a screening room and art gallery.

The Group also owned 42, The Calls in Leeds – a four-star boutique hotel with a Michelin starred restaurant. The Hotel de la Tremoille in Paris was purchased in 2002 and completely refurbished as a five-star 93-bedroom hotel with a small spa. The Hotel in the "Golden Triangle" of Paris remains one of the best hotels in Paris.

Four-Pillars Hotels

Nicholas Crawley was a Director of Four Pillars Hotels, which owned and operated six hotels in Oxford, the Cotswolds, and the Thames Valley. They operated in the three and four-star sectors, including two listed buildings – Tortworth Court and Oxford Thames. The Company obtained planning permission and built the 318-bedroom Cotswold Water Park Hotel.

The hotels were eventually all sold to Starwood Capital.

Forestdale Hotels/St James's Hotel Group

Nicholas Crawley was Managing Director of St James's Hotel Group until 2019, along with Simon Porter, who was Director of Estates.

The Company, via its parent company Somerston, acquired fourteen unbranded 3 Star Hotels from Forestdale Hotels, as well as the Hilton Hotel Portsmouth and the Legacy Falcon Hotel Stratford-Upon-Avon. Nicholas and Simon presided over the redevelopment of these hotel properties and the disposal of non-core assets.

2019 saw the completion of a multimillion-pound redevelopment of the hotels in Bath and Stratford. These hotels were expanded, significantly upgraded, and converted to 4-star IHG Hotel Indigos, complemented with outsourced food and beverage operated by a Michelin star chef.

Subscriptions

To Subscribe

To subscribe, Investors should read and complete the Application Form which accompanies this document, and email that, together with the additional information and documents required to Fundingenquiry@norfolkarmshotel.com.

 
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Pitch Deck Video

Investment Strategy

Capview Partners is an experienced net lease investment manager with a track record starting in 2010.

 
Capview Partners leverages its proven track record in net lease investments to enter the single-family rental (SFR) space, partnering with expert advisors like Appreciation Homes and utilizing their institutionally tested SFR net lease product.

Appreciation Homes is the first credit-rated tenant for triple net leased single-family rental properties

Born out of an innovative vision, Appreciation Homes is a market leader in the growing single-family rental sector with a patented process. We provide investors a simple, safe, and accessible product by eliminating management responsibility, capital expenditure, and vacancy risk.

Attractive Asset Class

Easy entry into the single-family rental housing market with annual rental increases built into the lease

Hands-Off Investing

Zero management responsibility, zero capital expenditures, and zero vacancy risk.

BBB+ Rated Tenant

Long-term triple net lease with credit-rated tenant.


 

High-Quality Homes with Potential Long-Term Rental Demand

We find historically strong single-family rental assets with potential for high-income growth and home price appreciation.

Efficient Floorplans
  • 3-5 Bed | 2-4 Bath
  • 1,200 – 2,500 Square feet
Various Locations
  • Midwest Sunbelt Markets with GreatSchools Rating ? 4 and Strong Local Economies
Attractive Pricing
  • $250,000 - $500,000 Price Point
  • $1,200 Minimum Monthly Rent
Newer Vintage
  • Years Built: 2015 – Present
  • Must Meet Condition Stipulations

Capview Partners Funds

Building on Capview’s track record in net lease investments to enter the SFR space.

TWO COMPLEMENTARY FUNDS IN TRADITIONAL GP/LP STRUCTURE:

  1. 1. Capview Warehouse Fund XV

    Approach:Flexible, early-stage acquisition vehicle arbitraging value in the SFR markets

    Term:3 Years

  2. 2. Capview SFR Preferred Equity Fund XII

    Approach:Investing alongside developers and generating priority returns with downside protection

    Term:1 Years

No document found

Partner Profiles

Appreciation Homes Partnered with Prestigious Companies

 

 

Industry Overview

Real Estate Performs in Various Market Conditions

 
RISING INFLATION
There have been 39 months over the past 25 years when inflation expectations embedded in 10-year bond pricing have increased over the last 6 months exceeding 2.4%. In these instances, price appreciation for both public and private real estate followed.
RISING REAL RATES
There have been 54 six-month periods over the last 25 years when yields on corporate bonds jumped by at least 40 basis points. When this has happened cap rates have gone down as often as they go up. On average, when rates rise 50bps, cap rates during the same period fall 6bps.


 

U.S. Supply Shortage Increases Demand for Affordable Options

U.S. population growth and household formation continued increasecreatesmore and more demand for affordably priced housing. The U.S. has an estimated shortage of 3.1 million housing units.



   

U.S. Supply and Demand Imbalance Leads to Long-Term Renters

The dearth of entry-level home construction and historically low for-sale inventory dramatically limits supply, creating longer-term renters.



   

Growing Number of Renters by Necessity Need Affordable Housing

Down payments remain an obstacle and the #1 financial hurdle for single-family renters who would prefer to own rather than rent.

 

Circumstances Causing Single-Family Renters Who Would Prefer to Own to Rent

  1. 54% Down Payment
  2. 37% Need to Imporve Credit Score
  3. 33% Cannot Affrod Location
  4. 27% Not Earning Enough
  5. 24% Housing Market Conditions
  6. 21% Too Much Debt

 
What is the Capview Warehouse Fund?
The Fund is a investment vehicle designed to purchase communities of single-family homes directly from developers at wholesale discounts. It de-risks these assets by attaching 30-year absolute net leases (Appreciation Bonds) and then sells them at a premium to retail investors.
What is the target fund size?
The Fund has a target size of $10 million and a maximum size of $20 million.
Who is eligible to invest?
This offering is a Rule 506(c) Regulation D offering, intended only for accredited investors and qualified purchasers.
What is the minimum investment?
The minimum investment required is $10,000.
What is the fund's term?
The Fund has a 3-year term, with a potential 1-year extension option at the General Partner's (GP) discretion.
What are "Appreciation Bonds"?
Appreciation Bonds are a proprietary asset class that introduces absolute net leases to the residential sector. Under this structure, an institutional tenant (Appreciation Homes) leases the home for 30 years and handles all property-related responsibilities
Who manages the properties?
Appreciation Homes Leasing LLC (AHC), a BBB+ credit-rated tenant, is responsible for all management, property taxes, insurance, maintenance, utilities, and capital expenditures.
What type of properties does the Fund target?
The Fund focuses on single-family rental (SFR) homes in the Midwest and Sunbelt markets with the following "Buy-Box" criteria:
  • Size: 3–5 bedrooms, 2–4 bathrooms, and 1,200–2,500 square feet.
  • Vintage: Built from 2015 to the present.
  • Price Point: Generally between $250,000 and $500,000
What are the projected returns for investors?
  • Projected Net IRR: 16.9%.
  • Preferred Return: 10% (compounded monthly).
  • Projected Net MOIC: 1.4x (Multiple of Invested Capital).
How often are distributions paid?
Distributions are intended to be paid to investors on a monthly basis
How does the Fund generate profit?
Profit is generated through "arbitrage": the Fund buys homes at wholesale prices, adds a credit-rated net lease to increase the home's value, and then sells the home at retail pricing.
What are the management fees?
The Fund charges an annual management fee of 0.5% on committed capital, paid quarterly.
Are there other fees?
There is a 2.0% acquisition fee.
How is the "Promote" (performance fee) structured?
The General Partner receives a 20% promote for returns over a 10% IRR, increasing to a 50% promote for returns over a 20% IRR.
Does the Fund use leverage?
No, the Fund terms state there is none.
How does the Fund exit its investments?
The Fund utilizes three main liquidation channels to sell homes to retail investors:
  • Broker-Dealer Networks: Selling via Direct Title Security (DTS) or Delaware Statutory Trusts (DST) through a network of over 700,000 advisors.
  • Rental Real Estate Market: Accessing the broader $5.5 trillion residential rental market through partners.
  • Appreciation Homes REIT: Selling to a dedicated Residential Net Lease Trust planned for early 2026.
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Terms

Investment Strategy

Capview Partners is an experienced net lease investment manager with a track record starting in 2010.

 
Capview Partners leverages its proven track record in net lease investments to enter the single-family rental (SFR) space, partnering with expert advisors like Appreciation Homes and utilizing their institutionally tested SFR net lease product.

Appreciation Homes is the first credit-rated tenant for triple net leased single-family rental properties

Born out of an innovative vision, Appreciation Homes is a market leader in the growing single-family rental sector with a patented process. We provide investors a simple, safe, and accessible product by eliminating management responsibility, capital expenditure, and vacancy risk.

Attractive Asset Class

Easy entry into the single-family rental housing market with annual rental increases built into the lease

Hands-Off Investing

Zero management responsibility, zero capital expenditures, and zero vacancy risk.

BBB+ Rated Tenant

Long-term triple net lease with credit-rated tenant.


 

High-Quality Homes with Potential Long-Term Rental Demand

We find historically strong single-family rental assets with potential for high-income growth and home price appreciation.

Efficient Floorplans
  • 3-5 Bed | 2-4 Bath
  • 1,200 – 2,500 Square feet
Various Locations
  • Midwest Sunbelt Markets with GreatSchools Rating ? 4 and Strong Local Economies
Attractive Pricing
  • $250,000 - $500,000 Price Point
  • $1,200 Minimum Monthly Rent
Newer Vintage
  • Years Built: 2015 – Present
  • Must Meet Condition Stipulations

Capview Partners Funds

Building on Capview’s track record in net lease investments to enter the SFR space.

TWO COMPLEMENTARY FUNDS IN TRADITIONAL GP/LP STRUCTURE:

  1. 1. Capview Warehouse Fund XV

    Approach:Flexible, early-stage acquisition vehicle arbitraging value in the SFR markets

    Term:3 Years

  2. 2. Capview SFR Preferred Equity Fund XII

    Approach:Investing alongside developers and generating priority returns with downside protection

    Term:1 Years

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Invest Summary

  • Deal Type: Balloon Payment
  • Sponsor: Capview Partners
  • Hold Period: 3 YR.
  • Investor Yield: 10%
  • Funding Goal:$20,000,000
  • Investment Type: Real Estate
  • Min. Investment: $10,000
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  • Capview Partners
    David Susskind
    Partner & Fund Manager 
    David.Susskind@capviewpartners.com

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  •   invest@usareit.com
 

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