Mid Month Update February 15, 2016
I’d like to start out this update by saying a big “Thank you!” to those who were able to stop by our Open House earlier in the month. We really enjoyed visiting with everyone and showing off our new office space. If you weren’t able to make the event, please feel free to drop by any time – we would love to give you a tour. We can be found at 120 College Avenue in Santa Rosa.
On the business side of things, we are currently looking at multifamily opportunities in Wichita, Kansas City, NW Arkansas and various other markets in Texas. As such, we felt it would be prudent to open an Altus South-Central US office and I’m happy to announce that last week we did just that. We currently have a full-time team member located in Oklahoma City, overseeing existing projects as well as investigating new opportunities in the surrounding geographies.
Now on to our regular update…
Altus Hybrid Growth Fund
- The liquidation of this portfolio continues.
- We closed on the sale of a home in Windsor and a house in Sacramento is in contract.
- A condo in Rohnert Park is currently on the market and a Santa Rosa condo is scheduled to go on the market later this week.
- An SFR in Sacramento was in contract but fell out due to an appraisal issue so is back on the market.
- An SFR in Sacramento is undergoing renovations and 2 more are scheduled to go vacant at the end of the month.
Altus Multi Tenant Income Fund
- The Villaggio property in Sacramento remains 100% occupied with no scheduled move-outs.
- Shasta View in Redding currently has 3 vacancies (94% occupancy), one of which is due to flooding caused by heavy rainfall. We are working with a roofing and sealant contractor to resolve this matter.
- Cedar Hills in OKC is currently at 95% occupancy with 6 vacants. Our new property manager is diligently working on lease renewals of existing tenants.
- We continue to market the remaining available space in the back building.
- The front building was placed on the market for sale this past month and we are hopeful of finding an owner user to purchase the building due to the excellent freeway visibility.
- 405 5th Street, West, Sonoma, CA – Our 7 unit townhome project is moving forward. The permitting process has taken longer than anticipated and we are therefore currently waiting to break ground.
- 998 Bodega Ave., Petaluma, CA –6 out of 11 units will be going vacant at the end of the month/early March. This is great news! These units were significantly under market and we anticipate being able to rent them for several hundred dollars more per month, per unit, than was in our original proforma. Survey work continues for the PUD/subdivision process.
- Rosewood Gardens (33 units in Sacramento) – We recently switched property managers and within a week we bumped occupancy up to 97%. One additional unit is undergoing renovation.
- Empress Apartments – Sacramento – A vacant unit was upgraded and the tenant moved back in. There is one remaining unit being left vacant for showings to prospective buyers. We have a government agency interested and are waiting to hear if they will be moving forward.
- Carmichael, CA Condos– We closed on the sale of one unit in late January and the last unit is in contract and scheduled to close mid-March.
- Rockwell Plaza (304 units in OKC) – Currently 93% occupied with both interior and exterior renovations in full swing. The model unit should be complete this week at which point we will ramp-up our marketing efforts. We anticipate having 15 unit interiors completely turned and ready for re-tenanting the first week of March. New windows are going in and exterior paint will begin next week.
- We are continuing our due diligence on the 98 unit complex in Edmond, OK and so far things look promising.
- 1539 Lincoln Street, Albany, OR – Currently in contract and scheduled to close at the end of the month.
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.