January 26, 2016
Press Release - January 26, 2016
Real Estate Private Equity Firm, Altus Equity Expands South-Central U.S. Footprint With Additional Oklahoma City Acquisition.
View full Yahoo Finance article here.
SANTA ROSA, Calif., Jan. 26, 2016 /PRNewswire/ -- Santa Rosa based Altus Equity Group is pleased to announce its continued expansion and growing geographic footprint in the south-central United States with the recent acquisition, and subsequent over-subscription of Rockwell Plaza Apartments in Oklahoma City. Altus Equity, a prominent alternative asset firm is recognized as a consistent provider of above market returns through disciplined due diligence, shrewd acquisition and exemplary management.
In the current tight multifamily market, where diligent scrutiny is more essential than ever, Altus Equity CEO, Forrest Jinks continues to uncover opportunities with a keen sense of forward trends. Mr. Jinks believes that Oklahoma City, a city that boasts Forbes Magazine ranking as " #1 America's Most Affordable City" (March, 2015) as well as Forbes top 10 for "Best Big Cities for Jobs" is ripe with opportunity and solid upside potential. The region is projected to grow more than 44% during the next 25 years* (Greater Oklahoma City Partnership).
This month Altus Equity closed on Rockwell Plaza Apartments located along the Northwest Expressway, a major corridor in northwest Oklahoma City. The 304 unit property, presenting with a favorable mix of 152 one bedroom/one bath, 76 two bedroom/one bath, and 76 efficiency units is stabilized with current vacancy rate at 84%, as several units have already begun interior rehab.
Although the property is quite favorably located, past management deferred many value-add exterior and interior upgrades, consequently ceding a substantial opportunity for financial upside after selected rehab completion and efficient management. Mr. Jinks states "We are excited to discover this opportunity that we feel offers great upside both to the investors and the community. The property has been severely underutilized and we look forward restoring it to its highest and best use".
Altus has a sixteen year history focused on opportunities within various real estate asset classes including single family residences, multifamily, office and commercial. Altus Equity has completed more than $100 million in real estate transactions with average annual returns to investors in excess of 17%. Altus also offers exceptional transparency to all investors through real time open access of all property documents including financial and banking records.
For additional information contact Kristy Brooks, Managing Director, www.altusequity.com