Mid Month Update April 15,2014
Please join me in congratulating our very own Forrest Jinks who was recently selected as a “40 Under 40” award winner by the North Bay Business Journal. We look forward to celebrating this very well deserved achievement with him at an upcoming awards reception.
As we move into the Spring months, things are heating up here at Altus. The lull we experienced in mid to late March has quickly shifted to “all systems go” and we have had more escrows in the last 30 days than we had for the previous ~6 months. We’ve settled into our temporary offices and are excited that work has finally begun on our new office building. Just a reminder that any mail should be sent to 120 College Ave., Santa Rosa, CA 95401.
And now on to the business at hand…
We are happy to announce that we successfully closed the Altus Multi Tenant Income Fund on March 21st and since that time we put two multi tenant properties into contract, one that we passed on in Sacramento after performing our due diligence and one that looks promising in Healdsburg. We have also funded 3 hard money loans totaling $550K with another 2 loans pending for an additional ~$1M at favorable interest rates that will allow us to meet our preferred return commitment to investors while we seek out properties that meet our purchase criteria.
In Altus Hybrid Growth Fund, we have one property in Windsor in contract to sell that should close this week and we are nearing completion of a larger project in Sonoma which should be on the market sometime in early to mid-May. We are outperforming our projections in this Fund to date.
- This past month resulted in only one new purchase, in Sonoma. We especially like this property as it will appeal not only to a young family, but also to city dwellers looking for a weekend getaway. We expect to have this property rehabbed and back on the market within the next 6 weeks.
- We closed on the sale of two single family homes and one condo in the last 30 days. Both single family homes sold over asking - one never went on the market and the other had multiple offers and went into contract within two days of being listed.
- The resale market appears to be slowly gaining some momentum, especially in the Sacramento area where we have 3 condos and one single family home in contract. In Santa Rosa we have a single family home in Oakmont in contract to sell with a backup offer waiting in the wings.
- We currently have single family homes in Santa Rosa, CA, and Fair Oaks, CA on the market for sale.
- Low on cash but interested in owning income property? Looking to do a 1031 Exchange? We have condos for sale in Carmichael, CA. Vacant units as well as units with tenants and property management in place are available and for which we will guarantee a full year of rents. We have a lender in place to provide the financing and with a purchase price of only $107,500 the required cash to purchase each unit is only around $30,000.
As always, investors or potential investors are welcome to visit any of our projects to view first-hand the workmanship of our contractors.
Other - Commerical:
We are working on putting together an off market office building purchase that consists of two individual twin buildings with highway frontage in Sonoma County. The buildings are currently 100% occupied and the purchase will be around an 8 cap. The game plan is to split the two buildings, sell one of the buildings to the existing tenant, and use the gains from the sale to lower our basis on the remaining building which will then be held for cash flow.
If you do not currently receive our Opportunity Knocks emails with specific investment opportunities or if you have interest in discussing any of the above opportunities in greater depth, please respond to this email or contact our office at (707) 932-5887. We will happily add you to our distribution list and/or schedule an appointment to discuss your investing needs further.
Altus Equity Group, LP