Santa Rosa-based real estate investor Altus Equity Group purchased a 98-unit Oklahoma apartment complex for $4 million.
The Sunset Ridge complex is located in Edmond, a suburb of Oklahoma City. Combined with the purchase earlier this year of Rockwell Plaza, Altus’ portfolio now has more than 500 units in the Oklahoma City area, in addition to 200 units in California. Company holdings top $50 Million.
“Sunset Ridge is a natural followup to the 300-unit Rockwell Plaza complex we purchased in January,” said Forrest Jinks, founder and CEO.
Like Rockwell Plaza, Sunset Ridge needs full repositioning, and Altus plans to hold it for a long time, he said.
That metropolitan area has further investment potential, according to Jinks. He noted that Forbes magazine ranked it No. 1 on its list of America’s Most Affordable City list and among the top 10 Best Big Cities for Jobs.
With 39 percent growth in technology employment over the last few years, the Oklahoma City area is a top “momentum market” with a growth rate that rivals established markets such as San Francisco, Jinks said.
This trend will not only continue but also gain momentum, Jinks noted from Greater Oklahoma City Partnership analysis.
The Sunset Ridge property, located at 930 S. Blvd., is a neighborhood listed on MSNBC’s Ten Perfect Suburbs list. Altus also plans on starting a tenant-retention program in the complex. The city has placed a moratorium on new apartment construction despite annual population growth of more than 1 percent, and anticipated job growth of 39 percent over the next decade.
Altus started 16 years ago and focuses on various real estate asset classes, including single-family, multifamily, office and commercial properties. Altus has completed more than $100 million in real estate transactions and claims average annual returns to investors in excess of 17 percent. Altus says it offers investors real-time open access to all property documents, including financial and banking records.
Altus Equity Group
120 College Ave., Santa Rosa 95401
Founder and CEO: Forrest Jinks