Mid Month Update December 15, 2015
Happy Holidays! As we look forward to 2016, we are working diligently to close multiple deals before the year comes to an end. Fundraising for Rockwell Plaza is complete and we are scheduled to close the last week of December. The team is looking forward to traveling to Oklahoma City the first week of the New Year to ensure a smooth transition and host a giant “Under New Ownership/Management” tenant party!
Altus Hybrid Growth Fund
- Documentation is complete to begin liquidating the portfolio.
- A property in Windsor had multiple offers and is in contract for sale and another is currently on the market in Sacramento. An additional home is undergoing renovations in Sacramento and will be on the market next week.
- We will begin vacating and rehabbing the remainder of the properties after the first of the year.
Altus Multi Tenant Income Fund
- The Villaggio property in Sacramento currently at 100% occupancy.
- Shasta View in Redding has two vacancies with one that is pre-leased.
- Cedar Hills in OKC is currently at 97% occupancy.
- The balance of monies raised in this fund will be invested in the Rockwell Plaza property.
- We continue to market the remaining available space in the back building.
- The lot split has been approved and we will be signing and recording next week. The current plan is to place the property on the market in January.
- 19215 Twin Oaks Lane, Sonoma, CA – Given our current workload, we decided to flip the contract for this property to another buyer.
- 998 Bodega Ave., Petaluma, CA – Closed on the purchase at the end of November. Two of the 11 units were vacant and we have completed a cosmetic rehab of one and the second is underway. The number of prospective tenants has been terrific and we leased the 1st unit for $200/month more than what we had in our proforma. We anticipate the 2nd unit being leased by the first of the year. An engineer will begin surveying the property in the next week or so to begin the subdivision process.
- 946 Central Ave, Sonoma, CA – This property turned out great and went live on MLS today - www.946Central.com.
- 8642 Old Redwood Highway Windsor, CA – We closed on the sale of this property.
- 405 5th Street, West, Sonoma, CA – Our 7 unit townhome project is moving forward. Final plans have been submitted and we are awaiting permits.
- 1539 Lincoln Street, Albany, OR – We have had two buyers cancel. The property has been relisted and our fingers are crossed that the third time is the charm!
- 2833 Brush Street Graton, CA 3 Units – Buyers are expected to remove all contingencies in the next day and we are on track for a December 23rd close.
- Rosewood Gardens (33 units in Sacramento) – Units are being renovated and exterior upgrades are in process.
- All units at our 10 unit complex in Sacramento have been upgraded and the majority re-tenanted. We are leaving one unit vacant so that potential buyers can more easily view an upgraded unit. We recently lowered the price to stimulate interest, however given the seasonal slowdown we don’t anticipate much activity until the new year.
- Carmichael, CA Condos– Three units remain - 1) Scheduled to close next week, 2) Vacant unit going on the market the end of this week and 3) An occupied unit that we will list after the first of the year.
- PG&E has finally hooked up power to our new office building! Just a few more small items are being wrapped up and we anticipate packing up and moving in before the end of the year.
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