Mid Month Update November 15, 2015
I am happy to report that we our fundraising for Rockwell Plaza is going extraordinarily well. We are roughly $800K away from our $4 million objective after only 2 weeks and remain on track to close mid-December. As a reminder this is a great investment for a self-directed IRA. If you or someone you know has interest in this opportunity, please have them contact our office at (707) 932-5887.
Altus Hybrid Growth Fund
- The decision has been made to liquidate this portfolio. Once the necessary documentation is in place we will begin vacating units and rehabbing them for resale.
- We have two properties – one in Sacramento and one in Windsor – currently undergoing renovations and anticipate having them on the market in late-November.
Altus Multi Tenant Income Fund
- Q3 Fund results were impressive and exceeded expectations.
- The Villaggio property in Sacramento currently has one vacancy. Lease-ups have slowed due to our executing on our rental increase strategy. We are having a market rents survey done to ensure we are pushing rents appropriately.
- Shasta View in Redding has two vacancies with pending applications. We expect to be fully occupied at the end of the month.
- Cedar Hills in OKC is currently at 94% occupancy. Lease ups are going well. 41 of 63 leases have renewed at a higher rate since we took ownership in June. Upgraded units are renting at rates higher than expected.
- We sold the last note held by this fund. Proceeds will be rolled into the Rockwell Plaza apartments purchase.
- We continue to market the remaining available space in the back building.
- An architect is currently sketching options for exterior renovations so that we can market the front building to an owner-occupant post lot split final approval.
- This fund has been fully liquidated and all the true up calculations are currently being done.This was a highly successful exit for the investors.
- 19215 Twin Oaks Lane, Sonoma, CA – we are in contract on this 3 bedroom 2 bath home on a ¾ acre lot. The home is an Eichler style and we will be updating the interior while remaining true to its roots as well as putting in a pool.
- 998 Bodega Ave., Petaluma, CA - We are scheduled to close on the purchase of this lot with 11 units (5 SFRs and 3 duplexes) in the next 2 weeks. The Seller has been generous in allowing us to begin work on two vacant units prior to close of escrow so that we can maximize rent collection once the transaction is complete.
- 946 Central Ave, Sonoma – This project is moving along nicely and we anticipate an on market date in mid-December.
- 8642 Old Redwood Highway Windsor, CA – We are scheduled to close on the sale of this property at the end of this week.
- 405 5th Street, West, Sonoma, CA – Our 7 unit townhome project is moving forward. The concrete building pads are complete, a construction company identified and we are waiting on permits.
- 1539 Lincoln Street, Albany, OR – This project is complete and is listed for sale.
- 2833 Brush Street Graton, CA 3 Units – We are once again in contract on this property and are hoping that the 3rd time is the charm.
- We closed on 33 units in Sacramento (Rosewood Gardens). We are stabilizing the property by renovating several units that were down at the time of purchase and doing exterior upgrades.
- All units at our 10 unit complex in Sacramento have been upgraded and re-tenanted. The property is currently listed on MLS for resale at a 41% increase in price over what we paid for it.
- Carmichael, CA Condos– We have 3 units remaining and currently have multiple offers on one unit. We are hoping to steer one of those buyers to a 2nd, recently vacated unit. That would leave us one final unit that is occupied where we have just increased the tenants’ rent. This is about the best rent to purchase price ratio that can be found on individual units in Northern California. If you have any interest, please contact our office at (707) 932-5887.
- Construction is virtually complete at our new office building and furniture is being installed this week. Our move in date is dependent upon PG&E supplying power to the building, so we are anxiously awaiting their call!
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