February 1, 2007

Virtú Investments Acquires the Collins Place Apartments

Jacksonville, FL - Virtú Investments, LLC, a San Francisco based real estate investment management firm, acquired the Collins Place Apartments, a 184-unit apartment complex located in Jacksonville, FL in December of 2006. The property is well located in the heart of Westside Jacksonville, nestled in between interstate 295 and the Orange Park Mall, a newly developed retail center and shopping mall featuring numerous retail outlets.

The Collins Place acquisition represents an excellent opportunity for Virtú to purchase a well-maintained, existing Section 42 Low Income Housing Tax Credit (LIHTC) property asset at a better than market CAP rate in a rapidly developing market. Virtú was able to purchase the property at a price which, after a modest cosmetic renovation, will be roughly 58% of current replacement cost.

According to the US Census Bureau, Jacksonville is currently the second fastest growing city in the Southeast and eighth fastest growing city in the United States. It is considered the "youngest" major city in Florida and is becoming a rapidly growing regional center for financial and business services. In the past few years, companies expanding or relocating operations in the region include Cingular Wireless, BellSouth Long Distance, Inc. and Cendant Mortgage Corporation.

Virtú will execute modest renovations to Collins Place that will include both interior and exterior upgrades to the building. Renovations will include significant improvements to unit exteriors such as roofing and siding, as well as various enhancements to the property's amenity package. Virtú believes that such renovations will significantly enhance Collins Place's appeal to potential renters, in turn leading to increased occupancy and rents.

Virtú obtained fixed rate financing at a rate of no higher than 6%. The loan is interest only for the first 2-3 years and will amortize over a 10-year schedule thereafter. Virtú likes the fixed rate loan due to the historically low rate, which it believes should help preserve a strong exit CAP rate.

The Collins Place Apartments purchase was sourced by California based Regional Acquisitions Director Stuart Bone. For more information concerning other multi-family acquisitions throughout the United States, contact Stuart Bone (415-999-2088). For information concerning multi-family acquisitions throughout the Midwestern U.S., contact Marc Olivieri (480-773-1619). For more information concerning commercial acquisitions throughout the U.S., 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 fifty 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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