Altus Mid-Month Update

May 2025

The last month (back to April 2) has been one of the craziest 43 days in recent investing memory. We feel grateful that the chaos didn’t have a direct or immediate impact on Altus or our portfolio, though we must pay attention, and try to understand future impacts to the real estate world from the structural economic changes that are in process. These changes will absolutely result in (additional) pain in some places within the real estate investment world, but they will also reveal many new opportunities for those nimble enough to adjust.

Nothing about the last six weeks has changed our conviction about our current approach to investing. We continue to believe strongly in the future prospects of the Altus Opportunity Fund. Additionally, in response to increased demand for private money loans, we will be launching the Altus Secured Income Fund over the summer, hopefully on July 1stThe new fund will be a 1st position debt fund that aims to replicate the returns received by private lenders that are participating in direct lending, but Altus will handle the day-to-day friction that comes with private loans – especially in tight lending markets.  

Below, you’ll find updates on our current initiatives, portfolio performance, and what’s coming next. Whether you’re continuing to grow your real estate exposure or considering your first move, this is a moment worth paying attention to.

New Altus Secured Income Fund: As we mentioned above, we plan on launching a new debt fund on July 1st. The fund will offer an 8% preferred return plus 50% of the Fund profit, with total returns expected to be in the 9 – 10% range. Investment into the fund will also be reasonably liquid after a short seasoning period. The Fund will only invest in senior position loans secured by real estate, providing a compelling option for investors seeking consistent, passive income with downside protection.  If you would like to reserve a spot to get additional information, please reply to this email.

If you missed it, we hosted another webinar on the Altus Opportunity Fund, presented by our CEO, Forrest Jinks.  For those that are not already invested in the Opportunity Fund but considering doing so, please click the link below to watch the replay from last month.

You can click here to view the replay:


See below for a recap of some of our projects underway:

Multifamily Portfolio, Texas (Purchased): In March, we officially closed on the purchase of a 1225 unit portfolio spread across 6 individual properties. This is a stabilized and well-maintained portfolio with incredible initial cash flow right out of the gate, but also with what we believe to be value upside through selective unit upgrades. This investment is currently fully funded but a few investment slots may become open.

If you are interested in more information please reach out to Chad Richards (crichards@altusequity.com).

Screenshot 2025 01 13 At 2.27.29 pm
    Odessa, TX: Downtown and 3 of 6 Properties

Multifamily Construction, Oxford, MS (Development): Construction on the 98-unit multifamily project remains on construction delivery schedule, which remains ahead of the investment pro forma timeline. Key building components, including insulation, drywall, and exterior finishes, and major utility installations are mostly complete. Leases have been and are continuing to be signed in preparation for the Fall semester. The goal continues to have the property stabilized prior to August 15th. Check out the website now live: The Belle Oxford. Notably, market rents remain above pro forma projections, positioning the project for strong returns and added value for investors.

4 Pic Slideshow Template
    Oxford, MS: Progress Photos
    Oxford, MS: Multi-Family Project Rendering

Industrial Warehouse, California: We have accepted an offer on the sale of one of our industrial properties located in Northern California, the contracted price will provide a huge win to the investors in this project. As such, if fully liquidated it would also result in a large tax bill, so a 1031 reinvestment effort is almost a certainty.

240916 Brochure 1 Carousel Ln Draft
    Ukiah, CA

Multifamily, Oklahoma (Sold):  The sale of a multifamily property in Oklahoma closed at the end of April. This transaction was one of the more complicated sales that we’ve been a part of, and we are thankful to have it behind us. Unfortunately this is one of the few projects that was not a winner for the investors. Due to tax considerations a 1031 reinvestment action is being reviewed.

    Oklahoma Multifamily Duplexes

Industrial Warehouse, MS: The lease-up is ongoing with negotiations with a major multinational tenant well advanced that would result in absorption of large portion of the empty space. Negotiations for smaller spaces are also in process.

    Starkville, MS

Highfill Duplexes Phase I, NW Arkansas: The lease-up has not been as robust as we would have expected. We are hopeful the spring/summer leasing season can provide a tailwind to get over the hump to full stabilization and are making changes to the leasing team in an effort to jump start the absorption.

    Bentonville, AR: Woodward Park Duplexes

New Industrial, Charleston, SC: The 1.4+ million square foot project is complete. Marketing and leasing activity remains ongoing.  

Campus 8 1
    Charleston, SC: 1.4+ million SqFt 

Fund Updates:

Altus Opportunity Fund: The fund continues to expand its pipeline with a diverse range of high-quality opportunities, reinforcing its position for long-term success. Year 1 performance exceeded proforma expectations*, a strong validation of our investment strategy. As we grow, we remain focused on identifying and executing opportunities that deliver outsized returns while maintaining discipline and selectivity. For more information on the Opportunity Fund, click here.

NPL Fund: We’ve officially put documentation in place to extend the Non-Performing Loan Fund to new investment. The fund has substantially outperformed expectations in its first year of operations, with overall returns well in excess of original pro forma projections.*  As part of our broader strategy to identify value in dislocated markets, the NPL Fund complements our equity and income-focused offerings—providing investors with diversified exposure to opportunistic real estate debt.  For more information on the NPL Fund, click here.

ACG Updates (Altus Capital Group) – Private Money Lending:  Our lending division remains active with a pipeline of loan opportunities across several different states. Loan funding opportunities are presented first to those who actively let us know they are looking to fund private mortgages or deeds of trust. For more information on Altus Capital Group, click here.


If you have a portion of your investment portfolio that is earmarked for debt, please reach out so we can add your name to our hot sheet. If you are trying to figure out the capital stack for your own project, feel free to reach out and we are happy to brainstorm possibilities with you.

Are you invested in any other real estate or debt investments that are struggling? We are actively looking for investment opportunities and have the ability and creativity to often be able help in challenging situations. Please contact us if you have or know of such situations.

For those looking to explore equity investments or private lending opportunities, please contact Chad Richards (crichards@altusequity.com), our VP of Investor Relations, at (707) 227-4422 or reply directly to this email. We’re here to help you navigate the investment landscape and identify opportunities that align with your goals.

Happy Investing!

The Altus Equity Team
Investors@altusequity.com
(707) 932-5887

This message is not an offer or solicitation of an offer to buy or sell any securities.  Offers are made only by prospectus or other offering materials.  The information contained herein has been obtained from a variety of sources which are believed to be reliable, but have not been independently verified, and may be subject to change without notice.  To obtain further information, you must complete our investor questionnaire and meet the suitability standards required by law.

*Past performance is not indicative of future results