Quarterly Report

Q4 2024

“This decade of operating the Fund has taught us many valuable lessons, including the importance of staying true to our values and investment philosophies.”

As we close out 2024 and begin 2025, a year in which we will celebrate the 10th year of the Alturas Real Estate Fund, we find ourselves reflecting on this incredible journey. One that has been made possible by the trust and support of you, our partners. From navigating the early days of the Fund during the “retail apocalypse”, to adapting through the challenges and uncertainties of the COVID-19 lockdowns, and now addressing the ripple effects of remote work and higher interest rates. We have demonstrated resilience and the ability to operate and find opportunities in all environments.

This decade of operating the Fund has taught us many valuable lessons, including the importance of staying true to our values and investment philosophies.  With this foundation, we are more confident than ever that so long as we stay true to our principles, we will continue to outperform and deliver great results. To that end, the Fund’s average realized returns for the fourth quarter were 13.01% with total returns of 13.00%. While realized returns for 2024 were 12.58% and total returns were 12.77%.

Our industry has faced significant headwinds over the last several years stemming from rising costs, demand shifts, and elevated interest rates. However, in many cases we are seeing positive shifts in several of these areas including very strong demand for retail space, stabilizing office markets, and less inflation in construction and operating costs. Interest rates remain the most significant obstacle, impacting realized returns as we pay down debt and hold loans for longer durations. The silver lining is that the longer we hold these fixed-rate loans, the more the loans amortize, thus derisking our portfolio.  

While acquiring properties that meet our return and cash flow expectations in this environment remains difficult, we continue to find opportunities (see Q4 Acquisitions and Pipeline). We remain very confident that these properties will be some of our best long-term and will pay significant dividends in the years to come.  

As always, we want to express our continued appreciation for our partnership and look forward to many more successful quarters in the decades to come.  

Travis Barney, Chief Executive Officer
Alturas Capital Partners, LLC

Devin Morris, Chief Operating Officer
Alturas Capital Partners, LLC

Blake Hansen, Chief Investment Officer
Alturas Capital Partners, LLC

As we close out 2024 and begin 2025, a year in which we will celebrate the 10th year of the Alturas Real Estate Fund, we find ourselves reflecting on this incredible journey. One that has been made possible by the trust and support of you, our partners. From navigating the early days of the Fund during the “retail apocalypse”, to adapting through the challenges and uncertainties of the COVID-19 lockdowns, and now addressing the ripple effects of remote work and higher interest rates. We have demonstrated resilience and the ability to operate and find opportunities in all environments.

This decade of operating the Fund has taught us many valuable lessons, including the importance of staying true to our values and investment philosophies.  With this foundation, we are more confident than ever that so long as we stay true to our principles, we will continue to outperform and deliver great results. To that end, the Fund’s average realized returns for the fourth quarter were 13.01% with total returns of 13.00%. While realized returns for 2024 were 12.58% and total returns were 12.77%.

Our industry has faced significant headwinds over the last several years stemming from rising costs, demand shifts, and elevated interest rates. However, in many cases we are seeing positive shifts in several of these areas including very strong demand for retail space, stabilizing office markets, and less inflation in construction and operating costs. Interest rates remain the most significant obstacle, impacting realized returns as we pay down debt and hold loans for longer durations. The silver lining is that the longer we hold these fixed-rate loans, the more the loans amortize, thus derisking our portfolio.  

While acquiring properties that meet our return and cash flow expectations in this environment remains difficult, we continue to find opportunities (see Q4 Acquisitions and Pipeline). We remain very confident that these properties will be some of our best long-term and will pay significant dividends in the years to come.  

As always, we want to express our continued appreciation for our partnership and look forward to many more successful quarters in the decades to come.  

Travis Barney, Chief Executive Officer
Alturas Capital Partners, LLC

Devin Morris, Chief Operating Officer
Alturas Capital Partners, LLC

Blake Hansen, Chief Investment Officer
Alturas Capital Partners, LLC

As we close out 2024 and begin 2025, a year in which we will celebrate the 10th year of the Alturas Real Estate Fund, we find ourselves reflecting on this incredible journey. One that has been made possible by the trust and support of you, our partners. From navigating the early days of the Fund during the “retail apocalypse”, to adapting through the challenges and uncertainties of the COVID-19 lockdowns, and now addressing the ripple effects of remote work and higher interest rates. We have demonstrated resilience and the ability to operate and find opportunities in all environments.

This decade of operating the Fund has taught us many valuable lessons, including the importance of staying true to our values and investment philosophies.  With this foundation, we are more confident than ever that so long as we stay true to our principles, we will continue to outperform and deliver great results. To that end, the Fund’s average realized returns for the fourth quarter were 13.01% with total returns of 13.00%. While realized returns for 2024 were 12.58% and total returns were 12.77%.

Our industry has faced significant headwinds over the last several years stemming from rising costs, demand shifts, and elevated interest rates. However, in many cases we are seeing positive shifts in several of these areas including very strong demand for retail space, stabilizing office markets, and less inflation in construction and operating costs. Interest rates remain the most significant obstacle, impacting realized returns as we pay down debt and hold loans for longer durations. The silver lining is that the longer we hold these fixed-rate loans, the more the loans amortize, thus derisking our portfolio.  

While acquiring properties that meet our return and cash flow expectations in this environment remains difficult, we continue to find opportunities (see Q4 Acquisitions and Pipeline). We remain very confident that these properties will be some of our best long-term and will pay significant dividends in the years to come.  

As always, we want to express our continued appreciation for our partnership and look forward to many more successful quarters in the decades to come.  

Chief Executive Officer

Alturas Capital Partners, LLC

Travis Barney,

Chief Operating Officer,

Alturas Capital Partners, LLC

Devin Morris,

Chief Investment Officer,

Alturas Capital Partners, LLC

Blake Hansen,

Photo: Sawtooth Mountains, Idaho

Q4 Key Numbers

Photo: Sawtooth Mountains, Idaho

Q4 Key Numbers

13.01%

Average Realized Return

13.01%

Average Realized Return

13.01%

Average Realized Return

13.00%

Average Total Return

13.00%

Average Total Return

13.00%

Average realized return

$6.91M 

Realized Net Income

$6.91M 

Realized Net Income

$6.91M 

Realized Net Income

$1,663.62

Unit Price

$1,663.62

Unit Price

$1,663.62

Unit Price

$656.30M

Assets Under Management

$656.30M

Assets Under Management

$656.30M

Assets Under Management

*Stated returns are average annualized investor returns. Individual investor returns may vary based on the unit pricing at the time of investment. Realized net income includes realized gains and losses and excludes unrealized gains and losses recorded during the period. Financial information herein related to the quarters ended in 2024 are unaudited as of the date of this report. 

Realized Returns

Unit Price

Unit Price

Unit Price

Photo: Sawtooth Mountains, Idaho

Q4 Acquisitions

Photo: Sawtooth Mountains, Idaho

Q4 Acquisitions

415 Maple Grove

Boise, Idaho

Industrial

45,000 SF

The acquisition of 415 Maple Grove involved a sale-leaseback transaction, where the seller required an expedited closing. Simultaneous with the closing, we were able to execute a new 10-year NNN lease, generating immediate cash flow and value from day one.

415 Maple Grove

Boise, Idaho

Industrial

45,000 SF

The acquisition of 415 Maple Grove involved a sale-leaseback transaction, where the seller required an expedited closing. Simultaneous with the closing, we were able to execute a new 10-year NNN lease, generating immediate cash flow and value from day one.

415 Maple Grove

Boise, Idaho

Industrial

45,000 SF

The acquisition of 415 Maple Grove involved a sale-leaseback transaction, where the seller required an expedited closing. Simultaneous with the closing, we were able to execute a new 10-year NNN lease, generating immediate cash flow and value from day one.

3171 Quintale

Boise, Idaho

Retail

13,178 SF

We recently acquired the land necessary to construct a 13,178 square-foot facility for Idaho Fitness Factory, a local fitness brand owned and operated by our sister company, Alturas Ventures. This marks the first development project between our two organizations, mirroring the success of previous build-to-suit developments we’ve completed with other tenant partners. The project boasts an attractive return on cost and 10-year NNN lease, in a prime location within the rapidly growing Boise MSA.

3171 Quintale

Boise, Idaho

Retail

13,178 SF

We recently acquired the land necessary to construct a 13,178 square-foot facility for Idaho Fitness Factory, a local fitness brand owned and operated by our sister company, Alturas Ventures. This marks the first development project between our two organizations, mirroring the success of previous build-to-suit developments we’ve completed with other tenant partners. The project boasts an attractive return on cost and 10-year NNN lease, in a prime location within the rapidly growing Boise MSA.

3171 Quintale

Boise, Idaho

Retail

13,178 SF

We recently acquired the land necessary to construct a 13,178 square-foot facility for Idaho Fitness Factory, a local fitness brand owned and operated by our sister company, Alturas Ventures. This marks the first development project between our two organizations, mirroring the success of previous build-to-suit developments we’ve completed with other tenant partners. The project boasts an attractive return on cost and 10-year NNN lease, in a prime location within the rapidly growing Boise MSA.

Photo: Redfish Lake, Idaho

Q4 Dispositions

Photo: Redfish Lake, Idaho

Q4 Dispositions

Idaho Natural & Organic Foods

Boise, Idaho

Industrial

30,478 SF

Acquired in November 2019, the 30,478-square-foot facility was home to Idaho Natural and Organic Foods, a natural and organic food processor. INAOF expressed an interest in eventually owning the property at acquisition, leading us to structure a lease with a purchase option. While the property performed well within the portfolio, the tenant exercised their purchase option, resulting in the sale.

Idaho Natural & Organic Foods

Boise, Idaho

Industrial

30,478 SF

Acquired in November 2019, the 30,478-square-foot facility was home to Idaho Natural and Organic Foods, a natural and organic food processor. INAOF expressed an interest in eventually owning the property at acquisition, leading us to structure a lease with a purchase option. While the property performed well within the portfolio, the tenant exercised their purchase option, resulting in the sale.

Idaho Natural & Organic Foods

Boise, Idaho

Industrial

30,478 SF

Acquired in November 2019, the 30,478-square-foot facility was home to Idaho Natural and Organic Foods, a natural and organic food processor. INAOF expressed an interest in eventually owning the property at acquisition, leading us to structure a lease with a purchase option. While the property performed well within the portfolio, the tenant exercised their purchase option, resulting in the sale.

Take 5 Idaho Falls

Boise, Idaho

Retail

1,400 SF

Take 5 Idaho Falls went under contract while still under construction, highlighting the demand for these smaller single-tenant net-lease properties. Having built several of these projects over the past two years, we’ve developed a replicable model that allows us to efficiently begin permitting and construction and bring these projects to market quickly soon after construction is completed.

Take 5 Idaho Falls

Boise, Idaho

Retail

1,400 SF

Take 5 Idaho Falls went under contract while still under construction, highlighting the demand for these smaller single-tenant net-lease properties. Having built several of these projects over the past two years, we’ve developed a replicable model that allows us to efficiently begin permitting and construction and bring these projects to market quickly soon after construction is completed.

Take 5 Idaho Falls

Boise, Idaho

Retail

1,400 SF

Take 5 Idaho Falls went under contract while still under construction, highlighting the demand for these smaller single-tenant net-lease properties. Having built several of these projects over the past two years, we’ve developed a replicable model that allows us to efficiently begin permitting and construction and bring these projects to market quickly soon after construction is completed.

Photo: Montesa Plaza, AZ

Q4 Acquisition Pipeline

Photo: Montesa Plaza, AZ

Q4 Acquisition Pipeline

Montesa Plaza

Tucson, AZ 

Retail 

75,643 SF

Investment Profile

Core Plus

Montesa Plaza

Tucson, AZ 

Retail 

75,643 SF

Investment Profile

Core Plus

Montesa Plaza

Tucson, AZ 

Retail 

75,643 SF

Investment Profile

Core Plus

2700 N Eagle Rd

Boise, ID - MSA

Retail

1.10 Acres

Investment Profile

Build-to-Suit

2700 N Eagle Rd

Boise, ID - MSA

Retail

1.10 Acres

Investment Profile

Build-to-Suit

2700 N Eagle Rd

Boise, ID - MSA

Retail

1.10 Acres

Investment Profile

Build-to-Suit

Take 5

Various Locations

Retail

1,400 SF

Investment Profile

Build-to-Suit

Take 5

Various Locations

Retail

1,400 SF

Investment Profile

Build-to-Suit

Take 5

Various Locations

Retail

1,400 SF

Investment Profile

Build-to-Suit

108 43rd

Boise, ID - MSA

Industrial

10,661 SF

Investment Profile

Tenant-In-Tow

108 43rd

Boise, ID - MSA

Industrial

10,661 SF

Investment Profile

Tenant-In-Tow

108 43rd

Boise, ID - MSA

Industrial

10,661 SF

Investment Profile

Tenant-In-Tow

Current Investments

43

Properties

43

Properties

83.71%

Portfolio Occupancy Rate

83.71%

Portfolio Occupancy Rate

3.91M SF 

Portfolio Square Footage

3.91M SF 

Portfolio Square Footage

2.06x

Debt Service Coverage Ratio

2.06x

Debt Service Coverage Ratio

$213.16M

Investor Capital

$213.16M

Investor Capital

51.76%

Current Reinvestment Rate

54.38%

Current Reinvestment Rate

Markets

Markets

Property Types

Property Types

Above charts are based on contributed capital. 

43

Properties

83.71%

Portfolio Occupancy Rate

3.91M SF 

Portfolio Square Footage

2.06x

Debt Service Coverage Ratio

$213.16M

Investor Capital

51.76%

Current Reinvestment Rate

Markets

Property Types

Above charts are based on contributed capital. 

Photo: Stanley, Idaho

2024 Year In Review

Photo: Stanley, Idaho

2024 Year In Review

Financial Summary

Assets Under Management (AUM)

Photo: Heritage Plaza, Arizona

2024 Acquisitions

Photo: Heritage Plaza, Arizona

2024 Acquisitions

Photo: Heritage Plaza, Arizona

2024 Acquisitions

4

Total Acquisitions

4

Total Acquisitions

4

Total Acquisitions

172,000 SF

Total Square Feet Acquired

172,000 SF

Total Square Feet Acquired

172,000 SF

Total Square Feet Acquired

$34.38M

Total AUM Acquired

$34.38M

Total AUM Acquired

$34.38M

Total AUM Acquired

Photo: Take 5 Oil

2024 Dispositions

Photo: Take 5 Oil

2024 Dispositions

Photo: Take 5 Oil

2024 Dispositions

6

Dispositions

6

Dispositions

6

Dispositions

38,500 SF

Total Square Feet Sold

38,500 SF

Total Square Feet Sold

38,500 SF

Total Square Feet Sold

$9.19M

Total Sales Price

$9.19M

Total Sales Price

$9.19M

Total Sales Price

27.82%

Realized IRR

27.82%

Realized IRR

27.82%

Realized IRR

Photo: Sandy Commerce Park

2024 Leasing

Photo: Sandy Commerce Park

2024 Leasing

Photo: Sandy Commerce Park

2024 Leasing

New Leases

New Leases

56

*New Leases Signed

56

*New Leases Signed

230,784 SF

Square Feet

230,784 SF

Average realized return

$5.62M

Annual Rent

$5.62M

Annual Rent

Renewed Leases

Renewed Leases

95

Renewed Leases Signed

95

Renewed Leases Signed

489,226 SF

Square Feet

489,226 SF

Average realized return

$8.38M

Annual Rent

$8.38M

Annual Rent

Total Leases

Total Leases

576

Total Leases

576

Total Leases 2024

3,481,297 SF

Total SF Under Lease

3,481,297 SF

Total SF Under Lease

3,481,297 SF

Average realized return

88.97%

**Lease Rate as of 12/31/24

88.97%

**Lease Rate as of 12/31/24

*Excludes in-place leases at properties acquired in 2024

**Percentage leased differs from portfolio occupancy rate due to leases signed where tenants had not yet taken occupancy.

Photo: 2024 Bay Area Investor Dinner

2024 Investor Highlights

Photo: 2024 Bay Area Investor Dinner

2024 Investor Highlights

Photo: 2024 Bay Area Investor Dinner

2024 Investor Highlights

40+

New Investor Partners

40+

New Investor Partners

40+

New Investor Partners

$33.46M

Total Capital Raised

$33.46M

Total Capital Raised

$33.46M

Total Capital Raised

12.58%

Realized Return

12.58%

Realized Return

12.58%

Realized Return

12.77%

Total Return

12.77%

Total Return

12.77%

Total Return

Fund
Description

The Alturas Real Estate Fund, LLC was formed by Alturas Capital Partners to provide accredited investors access to professionally managed real estate investments. The Fund is a $500 million equity offering created to make commercial and residential real estate investments. It targets middle-market properties frequently ignored by larger funds. These properties can be profitable as a diverse portfolio.  

The Fund was created in May 2015 and owns properties in the Intermountain West and Inland Northwest. Managers of the Fund are continually searching for new properties to add to the Fund that meet strict underwriting criteria including a margin of safety, with a focus on cash flows. 

Photo: Beaver Dam, Sun Valley, Idaho

Fund
Description

The Alturas Real Estate Fund, LLC was formed by Alturas Capital Partners to provide accredited investors access to professionally managed real estate investments. The Fund is a $500 million equity offering created to make commercial and residential real estate investments. It targets middle-market properties frequently ignored by larger funds. These properties can be profitable as a diverse portfolio.  

The Fund was created in May 2015 and owns properties in the Intermountain West and Inland Northwest. Managers of the Fund are continually searching for new properties to add to the Fund that meet strict underwriting criteria including a margin of safety, with a focus on cash flows. 

Photo: Beaver Dam, Sun Valley, Idaho

Our Investment Offerings

Equity Offering

Our equity offering allows investors to invest in a diversified portfolio of commercial real estate assets focused on generating excellent ongoing returns from operations. The Fund's offering is best suited for investors who understand and align with the Fund's investment strategy and value long-term partnerships.


  • Targeted total returns: 9-14%

  • Preferred Return: 8% paid quarterly

  • Profit Split: 70% investors, 30% manager after preferred return

  • Fees: 1.5% asset management fee

  • Minimum investment: $250,000

Long-Term Note Offering

Our long-term note offering provides our partners with a fixed-income investment with attractive risk-adjusted returns and additional liquidity options. Long-term noteholders can receive distributions in cash or accrue the interest earned throughout the life of the note. Upon maturity of the note investment, partners can reinvest their investment into another note, convert their funds into equity, or redeem their funds.


  • Interest Rate: 7-9% paid quarterly (rate dependent on duration and amount)

  • Investment type: Promissory note

  • Security: Subordinate to property debt; senior to equity

  • Term: 24-60 months

  • Minimum investment: $100,000

Our Investment Offerings

Equity Offering

Our equity offering allows investors to invest in a diversified portfolio of commercial real estate assets focused on generating excellent ongoing returns from operations. The Fund's offering is best suited for investors who understand and align with the Fund's investment strategy and value long-term partnerships.


  • Targeted total returns: 9-14%

  • Preferred Return: 8% paid quarterly

  • Profit Split: 70% investors, 30% manager after preferred return

  • Fees: 1.5% asset management fee

  • Minimum investment: $250,000

Long-Term Note Offering

Our long-term note offering provides our partners with a fixed-income investment with attractive risk-adjusted returns and additional liquidity options. Long-term noteholders can receive distributions in cash or accrue the interest earned throughout the life of the note. Upon maturity of the note investment, partners can reinvest their investment into another note, convert their funds into equity, or redeem their funds.


  • Interest Rate: 7-9% paid quarterly (rate dependent on duration and amount)

  • Investment type: Promissory note

  • Security: Subordinate to property debt; senior to equity

  • Term: 24-60 months

  • Minimum investment: $100,000

All projections are hypothetical and predicated upon various assumptions that may or may not be identified as such. The future operating and financial performance information contained herein is for illustrative purposes and is not intended to portray any sort of targeted or anticipated returns. There can be no assurance that the Fund will achieve its investment objectives and actual performance may vary significantly.

Alturas Capital Partners, LLC and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice.

250 E Eagles Gate Dr., Suite 340 , Eagle, ID 83616

250 E Eagles Gate Dr., Suite 340 , Eagle, ID 83616

250 E Eagles Gate Dr., Suite 340 , Eagle, ID 83616

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