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  • Capview Warehouse Fund

  • Coral Gables, FL 33134
  • Executive Summary
  • Investment Strategy
  • Market Overview
  • About Capview
  • FAQs
  • Gallery

Executive Summary

Capview Warehouse Fund

The Capview Warehouse Fund is focused on purchasing communities of single-family rental (“SFR”) properties within the U.S. Sunbelt states. The Fund acquires these portfolios at discounts from developers and attaches Capview’s proprietary absolute net leases, called Appreciation Bonds, onto the portfolio. Appreciation Bonds carry a BBB+ investment-grade credit rating.​

The Fund targets homes between $250,000-$500,000 in value and collects monthly rents on the portfolio while preparing them for sale. Profits on sales are distributed back to investors, while the principal equity is reinvested into new homes to repeat the cycle. The Fund engineers reliable cap rate compression via our investment-grade absolute net leases, which de-risk the value proposition of the homes. ​

 

About Absolute Net Leases

An absolute net lease is a real estate lease in which the tenant pays rent and is responsible for all the costs associated with owning the building, leaving the landlord with steady, hands-off income. ​​

 

Why Absolute Net Leases Haven’t Been Applied to SFRs Before​

Because an absolute net lease places almost all the risk on the tenant, landlords prefer tenants with a corporate credit rating to ensure the rent — and all other associated obligations — will be paid for reliably. Capview’s subsidiary, Appreciation Homes, serves as this corporate credit-rated tenant with a BBB+ credit rating, a first in the industry. ​ ​​

 

Why the SFR Asset Class​

SFRs have historically proven to be one of the most resilient asset classes. After the COVID pandemic, U.S. Sunbelt states saw an influx in migration by families and individuals. Developers and sponsors are building record amounts of SFR communities – communities that are purpose-built for long-term renters.​​ ​​

 

About Appreciation Bonds​

Mechanics of Appreciation Bonds
Investor
Direct title of home Earns a fixed coupon Keeps appreciation and tax benefits
Net Lease
 
Appreciation Homes
Pays lease
Handles expenses & repairs
Subleases to families
Sub-Lease
 
Family Tenant
Pays rent & enjoys home
Fully managed by AHC
Eligible
BBB+ AHC Credit Rating
Title
Long-Term Leases
Monthly Income
Institutional Management
No Liability
No Repairs & Maintenance

Executive Summary

Capview Warehouse Fund

The Capview Warehouse Fund is focused on purchasing communities of single-family rental (“SFR”) and build-to-rent (“BTR”) properties within the Sunbelt states of the U.S. The Fund acquires these portfolios at discounts from developers and attaches Capview’s proprietary absolute net leases, called Appreciation Bonds, onto the portfolio. Appreciation Bonds carry a BBB+ investment-grade credit rating.​

The Fund targets homes between $250,000-$500,000 in value and collects monthly rents on the portfolio while preparing them for sale. Profits on sales are distributed back to investors, while the principal equity is reinvested into new homes to repeat the cycle. The Fund engineers reliable cap rate compression via our investment-grade absolute net leases, which de-risk the value proposition of the homes. ​

 

About Absolute Net Leases

An absolute net lease is a real estate lease in which the tenant pays rent and is responsible for all the costs associated with owning the building, leaving the landlord with steady, hands-off income. ​​

 

Why Absolute Net Leases Haven’t Been Applied to SFRs Before​

Because an absolute net lease places almost all the risk on the tenant, landlords prefer tenants with a corporate credit rating to ensure the rent — and all other associated obligations — will be paid for reliably. Capview’s subsidiary, Appreciation Homes, serves as this corporate credit-rated tenant with a BBB+ credit rating, a first in the industry. ​ ​​

 

Why the SFR Asset Class​

SFRs have historically proven to be one of the most resilient asset classes. After the COVID pandemic, U.S. Sunbelt states saw an influx in migration by families and individuals. Developers and sponsors are building record amounts of BTR communities – communities that are purpose-built for long-term renters.​​ ​​

 

About Appreciation Bonds​

image

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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Investment Strategy

Reliable Arbitrage Strategy

The Fund creates value through the following mechanisms:

  1. 1. Acquisition of SFRs at wholesale prices.
  2. 2. Collections of monthly rents backed by our BBB+ investment-grade tenant.
  3. 3. Sales of homes to retail investors, arbitraging profit.

How the Fund Reliably Arbitrages Profit

Our Appreciation Bonds de-risk the investment profile of a home, creating instant and reliable cap rate compression. The Fund sells homes to retail investors who pay a premium for investment-grade cash flows. According to Cushman & Wakefield appraisals, our leased homes are reliably valued at a 5.0% cap rate at sale with a BBB+ credit rating and a 4.75% cap rate with an A- credit rating. This creates the following arbitrage spreads, depending on entry pricing

image
 

Why Invest in the Capview Warehouse Fund

Investors gain access to a diversified portfolio of U.S. single-family rentals acquired at wholesale pricing, designed to maximize asset-backed yield through built-in recycling mechanics and arbitrage opportunities via proprietary liquidation channels.

The Fund leverages Capview Partners’ proven track record and deep industry relationships to provide institutional-grade access to an opportunity historically reserved for large U.S. financial institutions.

 

Mechanics of the Warehouse Fund


image
Project Title Document Title Action
Capview Warehouse Fund Capview Warehouse Fund View
Capview Warehouse Fund Capview Warehouse Fund: Private Placement Memorandum View
Capview Warehouse Fund Capview Warehouse Fund: U.S. Investors (Reg D 506c) Deck View
Capview Warehouse Fund Capview Warehouse Fund: Subscription Booklet (Reg D 506c) View

Market Overview

More Affordable to Rent than Own

Persistently high mortgage rates and the widening spread between new and existing mortgage debt are suppressing homeownership, boosting the relative value proposition and demand for SFR/BTR assets

Many would-be home-owners are unable to afford the cost of acquiring a home and are choosing to rent instead.

image
   

More 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

  • 54% Down Payment
  • 37% Need to Imporve Credit Score
  • 33% Cannot Affrod Location
  • 27% Not Earning Enough
  • 24% Housing Market Conditions
  • 21% Too Much Debt
 

Deep SFR Inventory Pipeline

Record levels of inventory allow Capview an opportunity to purchase SFR communities at discounts via wholesale purchases.

Our target markets face an SFR supply glut, with developers discounting up to 20% to clear inventory, according to Appreciation Homes.

image
Through Appreciation Bonds, Capview converts oversupply in the SFR market to long-term retail investor yield and capital appreciation while arbitraging value to our Warehouse Fund LPs. ​
 
image

About Capview

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.

Institutional Partners

 
Emerson Equity
Emerson Equity is a boutique investment firm with a combination of full-service brokerage offerings and an extensive range of carefully-vetted, private equity and alternative investment opportunities. Emerson is specifically structured to provide highly-focused, personalized attention.
Cushman & Wakefield
Cushman & Wakefield, can provide commercial grade appraisals for each home under the Appreciation Homes Residential Net Lease. Appreciation Homes has partnered with C&W to create the first of its kind commercial appraisal applied to Residential Net Lease assets.
ResiHome
ResiHome provide best-in-class property management. They provide highest level of customer service to tenant living in homes under Appreciation Homes net lease.
Diya
Diya Financing backed an Appreciation Homes white-label financing facility. This facility will allow our retail investors to obtain leverage at highly competitive rates, up to 80% LTV .
Backer McKenzie
Backer McKenzie is a leading global law firm known for its expertise in corporate law,securities, and taxes, among other topics. Well-regarded in the securities space, they regularly advise on complex regulatory, transactional and compliance matters, and provided the tax opinion for our product.
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?
  • Minimum investment under Reg D is $10,000
  • Minimum investment under Reg S is $20,000
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 is 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

Reliable Arbitrage Strategy

The Fund creates value through the following mechanisms:

  1. 1. Acquisition of SFRs at wholesale prices.
  2. 2. Collections of monthly rents backed by our BBB+ investment-grade tenant.
  3. 3. Sales of homes to retail investors, arbitraging profit.

How the Fund Reliably Arbitrages Profit

Our Appreciation Bonds de-risk the investment profile of a home, creating instant and reliable cap rate compression. The Fund sells homes to retail investors who pay a premium for investment-grade cash flows. According to Cushman & Wakefield appraisals, our leased homes are reliably valued at a 5.0% cap rate at sale with a BBB+ credit rating and a 4.75% cap rate with an A- credit rating. This creates the following arbitrage spreads, depending on entry pricing

image
 

Why Invest in the Capview Warehouse Fund

Investors gain access to a diversified portfolio of U.S. single-family rentals acquired at wholesale pricing, designed to maximize asset-backed yield through built-in recycling mechanics and arbitrage opportunities via proprietary liquidation channels.

The Fund leverages Capview Partners’ proven track record and deep industry relationships to provide institutional-grade access to an opportunity historically reserved for large U.S. financial institutions.

 

Mechanics of the Warehouse Fund


image

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Invest Summary

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

Documents

Capview Warehouse Fund
Capview Warehouse Fund: Private Placement Memorandum
Capview Warehouse Fund: U.S. Investors (Reg D 506c) Deck
Capview Warehouse Fund: Subscription Booklet (Reg D 506c)
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