Mid Month Update January 15, 2016
Fasten your seatbelts. We are off to an incredible start of 2016 here at Altus! Our $11.8M deal in Oklahoma City (Rockwell Plaza Apartments) closed on Monday with 3 Altus staff members onsite for the takeover. Tuesday night we held a “Get to know your new management team” event which was very well attended and included a good old fashioned BBQ, lots of raffle prizes and offered the tenants the opportunity to vote on new exterior color schemes for the complex.
In other great news, we finally moved into our new offices! We are still unpacking some boxes and getting organized, but we are officially located at 120 College Avenue in Santa Rosa. We will be sending out an invitation for an open house very soon and you are always welcome to drop by any time for a tour.
On to our monthly update.
Altus Hybrid Growth Fund
- The liquidation of this portfolio continues. Tenants are receiving move-out notices and once vacant, all properties will be rehabbed and sold.
- We have two properties on the market. One in Windsor that is in contract and one in Sacramento that is waiting for the right buyer.
Altus Multi Tenant Income Fund
- The balance of monies raised in this fund were invested in the Rockwell Plaza property.
- The Villaggio property in Sacramento remains 100% occupied.
- Shasta View in Redding currently has two vacancies and we are working on some new marketing plans now that the holidays are over to get it back up to 100% occupancy.
- Cedar Hills in OKC is currently at 92% occupancy with 10 vacants, two of which are pre-leased. Property management is working on a referral program and has reached out to a nearby Air Force Base to increase traffic to the leasing office.
- We continue to market the remaining available space in the back building.
- Listing paperwork is being completed this week to place the front building on the market.
- 946 Central Ave, Sonoma, CA – We received an all cash offer $40K over asking within days of listing the property and closed the first week of January.
- 405 5th Street, West, Sonoma, CA – Our 7 unit townhome project is moving forward. We are awaiting permits which we anticipate having in hand within a few weeks.
- 1539 Lincoln Street, Albany, OR – After having two buyers cancel, we received two offers this week. We are hoping to negotiate a few terms and open escrow early next week with one of them.
- 2833 Brush Street, Graton, CA 3 Units – Buyers closed as expected at the end of December.
- 998 Bodega Ave., Petaluma, CA – We have placed tenants in the two vacant units and are now 100% occupied. We are waiting for a few back to back dry days so that our team can get onsite to complete their initial survey to kick off the PUD/subdivision process.
- Rosewood Gardens (33 units in Sacramento) – Units are being renovated and exterior upgrades are in process, including new fencing and an entry gate which are nearly complete.
- Empress Apartments – Sacramento – we had one unit go vacant and we are upgrading it before re-tenanting. The property is on the market and after a seasonal slow down, we now have an interested party and are awaiting a written offer.
- Carmichael, CA Condos– We are nearing completion of the sale of these 15 units. We were down to three units as we exited 2015. One closed the first week of January and the other two are in contract to be sold.
- We recently put a 97 unit complex in Edmond, OK under contract. We are in the very initial stages of our due diligence, but thus far things look promising.
If you do not currently receive our Opportunity Knocks emails with specific investment opportunities or if you have any interest in discussing any of the above opportunities in greater detail, please reply to this email or call our office at (707) 932-5887. We will gladly add you to our distribution list and/or schedule an appointment to discuss your investing needs further.