Mid Month Update-April 15, 2017

This past month the Altus Team gathered to take part in a Habitat for Humanity build. The day was filled with a lot of heavy lifting, landscape clean up and so much fun!

For more information about Habitat for Humanity and how you can help make a difference please visit: http://www.habitat.org or the local Sonoma County Affiliate: http://habitatsoco.org.

We are going to mix up our usual format and give you a recap on the NEW projects we have worked on in the last month or major updated on current projects.

 

NEW PROJECTS:

Norman Portfolio - Norman, OK

This 339 unit off market portfolio was brought to us by a team of brokers out of Tulsa that we have been waiting to work with. The portfolio is comprised of 11 properties, one large complex (160 units) and the remaining varying between 12-33 units each. We are extremely excited about this opportunity as the Norman submarket has been experiencing tremendous population growth over the last ten years and steady rent growth over the last 5. Norman is also the home to the University of Oklahoma, the largest university in the state of OK with approximately 30,000 students.

 All of the properties are located directly off a main thoroughfare in Norman, Lindsey Street. Lindsey Street is currently amid a $100 Million-dollar improvement project that will create a continuous sidewalk on both sides of the street, crosswalks, bicycle lane and bus stops. The daily traffic that passes by the properties will be a tremendous asset.

The current plan is to reposition each complex to elevate the interior finishes and freshen the exteriors with new paint, signage and landscaping. We will be raising money for this investment shortly, if you are interested in more information please call our office at 707-932-5887.

French Villa Apartments - Tulsa, OK

We are in contract on this 100-unit complex and currently in our due diligence period. After walking each unit at the property and getting to know the ins and outs of the site we are still very excited. We will continue to market heavily to seniors and work to keep the strong resident base that is already here. This project will be a structured investment with a single 1031 investor.

Woodcrest Apartments - Indianapolis, IN

We are excited to announce that we have been approached by a group similar to Altus based out of Denver, CO to partner on a 160 unit complex in Indianapolis. We have been waiting to work with this company for quite some time but until now haven’t found a property that meets the above average returns we strive for in our deals. Both teams bring a strong performance history and meticulous management styles to the table.

CURRENT PROJECT UPDATES:

Rockwell Plaza

(304 units - Oklahoma City, OK)

The refinance on this project is going extremely well. We received the appraisal back with excellent feedback and are extremely pleased with the project’s progress.

405 5th Street West

(7 townhomes – Sonoma, CA)

We could not be more thrilled to announce that construction is complete and 2 of the 7 homes have already closed escrow. We still have one unit available, Check out the listing here: http://www.405fifthstreetwesthomes.com/

Lamplighter Apartments

(42 units – Modesto, CA)

All contingencies have been released on the sale of this property and we are scheduled to close May 9th.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.

 

Best,

Ali Negus