February 1, 2006

Virtú Investments Purchases The Heights of Lake Highland Apartments

Dallas, TX - Virtú Investments, LLC, a San Francisco based real estate investment management firm, purchased The Heights of Lake Highland Apartments in Dallas, TX in February of 2006. The 280-unit apartment complex represents an excellent opportunity for Virtu to purchase a significantly rehabilitated asset in a notably improving market at roughly 45% of current replacement cost.

The Heights is strategically located in the Highlands submarket of Dallas, TX, evidenced by the Dallas City Council’s recent approval of the Skillman Corridor TIF Proposal, which will provide approximately $49.7 million in public improvements to the area surrounding the property. Among the improvements contemplated by the Proposal are the development of the Lake Highlands Town Center, enhancements to the Skillman Street DART station and the building of a Wal-Mart Super center in the immediate vicinity of the property.

The Heights was an attractive acquisition candidate for Virtú due to the value-added nature of the investment opportunity. Virtú was able to purchase the property at a substantial discount to replacement cost and will perform extensive renovations to both the interior and exterior of the property. Renovations will include wiring upgrades, improvements to unrenovated units, the installation of individual utility meters and a complete retrofit of selected units.

Virtú obtained a floating rate, interest only recourse loan from Bank of Oklahoma with an initial interest rate of 7.50%. The company expects to replace this loan with a 6.50% fixed-rate loan at the end of year 2.

The Heights of Lake Highland Apartments acquisition was sourced by Texas based Executive Vice President Marc Olivieri. For more information concerning other multi-family acquisitions in the Midwest, contact Marc Olivieri (214 495-8200). For information concerning acquisition possibilities in the Western U.S., contact Stuart Bone (415-999-2088). For information concerning commercial acquisitions on the West Coast, contact Will Fleming at Virtú Commercial (415 398-4202).

Michael Green and Scott McWhorter formed Virtú Investments in 1997. Since then, the company has acquired over forty properties throughout the country. The company's current portfolio is valued at approximately $400 million and Virtú has approximately $120 million of private equity under management. Virtú performs its own property management and has primary offices in San Francisco and Carlsbad, CA, and satellite offices in Seattle, WA and Scottsdale, AZ.

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