Mid Month Update-January 15, 2017
Happy New Year! I hope you and your family had a wonderful holiday season. We at Altus are using the New Year to reset our intentions and goals for 2017 and can’t wait to share them with you as the year unfolds.
See below for the current projects and future opportunities we have been working on!
Altus Multi Tenant Income Fund
- Villaggio (33 units, Sacramento) –100% occupied.
- Shasta View (51 units, Redding) - 98% occupied.
Single Purpose Entity Investments:
Crosswinds and Crosswinds Cove
(194 units, Oklahoma City)
- 89% occupied
- Crosswinds Cove (68 units) exterior renovations are complete.
- Work at Crosswinds (126 units) is in full swing, concrete repair and the parking lot resurfacing will be complete in the next week. Wood repair in the indoor pool area has been completed leaving it ready for fresh paint and a new coat of deck sealant. We will then be able to open the pool area year-round
- – an amenity only one other complex in Oklahoma City can claim.
- Our office remodel is nearing completion with all new flooring, paint, light fixtures. Also, additional office space has been created to house our onsite team.
(80 units, Little Rock AR)
- 74% occupied
- The first 9 renovated units are complete!
- The onsite manager is booked through next week to show the list of potential residents the beautifully upgraded units.
(304 units, Oklahoma City)
- 73% occupied
- December ended with a net increase of 9 new leases, less than we are used to seeing but positive to see an increase during the slowest month of the year.
- We have completed over 215 renovated units to date and have a crew back onsite to continue unit turnover in preparation for leasing to pick up.
(98 units, Edmond OK)
- We ended December with 35 leases at the new lease rate.
- Through creative marketing strategies we are starting to see leasing pick up, with 5 new leases in the past week alone!
- Weekly open houses are drawing in the community to show the incredible changes that have occurred onsite.
Rosewood Garden Apartments
(33 units, Sacramento CA)
- 100% occupied
- We are on track to close the sale of this property January 18th.
Cedar Hills Apartments
(124 units, Oklahoma City)
- 95% occupied.
- We continue to work closely with the property manager to fine tune resident qualifications, resident retention and spending.
(11 Units, Petaluma)
- 100% occupied.
- Strategies are being discussed to put this property on the market.
- The Planning Commission meeting for review went extremely well, we received approval and have moved to the next stage in the PUD application process.
(20,000 SF Commercial Space, Rohnert Park)
- The property remains on the market for sale. Interest has increased over the past few weeks but we still don’t have any offers in hand.
AE Three -1500 Farmers Lane
(17,400 SF Commercial Space, Santa Rosa
- Lease negotiations are complete with an excellent tenant on a ten year lease. The only remaining hurdle is the use permit required for the tenant to be able to move in.
1 Carousel Lane, Ukiah, CA
(98,000 SF Light Industrial Space)
- We closed this property at the end of December.
- Remains occupied by two stable tenants.
405 5th Street, West, Sonoma, CA
(7 townhomes, Sonoma)
- 5 of the 7 units are in contract to sell.
- While the extreme wet weather has impacted progress the construction team is working to make up for those delays. The first unit is scheduled to be complete the last day of January.
- Check out the listing here: http://www.405fifthstreetwesthomes.com/
(42 Units, Modesto CA)
- Landscaping, signage upgrade and railing improvements have made drastic change to the exterior of this property.
- While weather has impacted exterior painting progress we expect paint to be complex by the end of January.
- We plan to list this property at the beginning of February.
- Our private money lending business continues to gain traction with three more properties un the pipe line for loans. We will be making our lending business more of a company priority this year. Please contact us if you have a portion of your investment portfolio you would like to place in deeds of trust secured by real estate.
On the Horizon:
- Villages on the Lake, Oklahoma City – We are officially in contract on this 160-unit complex. Full interior renovations are planned along with an extensive exterior refresh. This investment is a structured program with a single investor.
- Our broker relationships continue to bring us deals to analyze: we are currently looking at properties in Dallas, Tulsa, Oklahoma City, Little Rock, and Shreveport.
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.