Mid Month Update-December 15, 2016
Our office Christmas party was this past weekend and we enjoyed celebrating all that Altus has experienced over the past year. As we continue to grow and expand we look forward to sharing our projects and opportunities with you!
From Altus to you, Happy Holidays!
Now onto the update…
Altus Multi Tenant Income Fund
- Villaggiio (33 units, Sacramento) -100% occupied.
- Shasta View (51 units, Redding) - 98% occupied.
Single Purpose Entity Investments:
Crosswinds and Crosswinds Cove
(194 units, Oklahoma City)
- 93% occupied
- Exterior paint at Crosswinds Cove is complete.
- Exterior dry rot repair at the Crosswinds property is close to finished and once complete the trim and accent paint will begin. The pool area and office renovation are scheduled to start mid- December.
(80 units, Little Rock AR)
- 80% occupied
- Interior upgrades are still underway on 16 units. A delay in delivery of the cabinet door fronts has held up the completion of the first units.
- We leased our first upgraded unit at the projected rent rate for a move in of January 1st!
(304 units, Oklahoma City)
- 70% occupied
- November leasing slowed as expected due to the holiday season. Our leasing office team is working diligently to bring in traffic through creative marketing strategies.
- We are still ahead of our original lease up projection of 18 months.
(98 units, Edmond OK)
- We ended November with 21 leases at the new rent rate, 9 of which are preleased for move in January 1st.
- Construction continues to move forward smoothly with the exterior renovation close to 100% complete and 52 of the 98 interior upgrades complete.
Rosewood Garden Apartments
(33 units, Sacramento CA)
- 97% occupied
- We are currently in contract to sell this property with an estimated closing date of January 16th.
Cedar Hills Apartments
(124 units, Oklahoma City)
- 98% 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 of our PUD proposal is scheduled for early January
(20,000 SF Commercial Space, Rohnert Park)
- The property remains on the market for sale.
AE Three -1500 Farmers Lane
(17,400 SF Commercial Space, Santa Rosa
- We have a new interested party and are negotiating the terms of their LOI to lease the building.
405 5th Street, West, Sonoma, CA
(7 townhomes, Sonoma)
- 5 of the 7 units are in contract to sell.
- With new site management in place the project has gained momentum. The first unit is scheduled to be complete by the end of January
- Check out the listing here: http://www.405fifthstreetwesthomes.com/
(42 Units, Modesto CA)
- Exterior painting is in full swing and scheduled to be complete by the beginning of January.
- After the landscaping refresh is complete and new signage is installed we will place the property on the market.
- Our private money lending business continues to gain traction with three more properties in the pipe line for loans. Going into 2017 we will be making our lending business more of a company priority. 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 – This 160-unit complex located on Lake Hefner in North West Oklahoma was brought to us a few weeks ago by a new broker. Interior upgrades and minimal exterior work will elevate this complex to compete with its B class neighboring properties.
- 1 Carousel Ln, Ukiah: Approximately 98,000 square feet of light industrial warehouse in an area with severe light industrial shortage. Two strong tenants occupy the entire property. This is mostly a cash flow play due to our excellent negotiated purchase price, although there should be future upside since one of the tenant’s lease rate is roughly ½ of current market rates.
- We plan to close this property at the end of December.
- Our broker relationships continue to bring us deals to analyze: we are currently looking at properties in Texas, Tulsa, Oklahoma City, Wichita, Little Rock, Indianapolis and Northern CA.
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.