April 5, 2007

Virtú Investments Acquires the Cypress Creek Apartment Homes in Salinas, CA

San Francisco, CA - Virtú Investments, a San Francisco based real estate investment management firm, purchased the Cypress Creek Apartment Homes in Salinas, CA in March of 2007 for $39,800,000. Virtú Investments entered into a joint venture with Capmark Investments LP to acquire this institutional quality asset. The property, built in 1988, is well located in central Salinas, nestled in between highway 101 and the recently revitalized downtown Salinas.

The Cypress Creek acquisition represents an excellent opportunity for Virtú to purchase a well maintained, high quality asset in an extremely supply constrained market where a disequilibrium in housing supply and demand is fueling immediate rent growth.

Virtú will execute a substantial renovation to the common areas of the complex to improve the overall curb appeal and profile of the property. Cypress Creek currently features numerous amenities, including an outdoor pool, indoor volleyball courts, racquetball courts and a weight training facility. Concurrent with this common area renovation, Virtu will complete a unit interior renovation begun by the previous owner to further improve the property. Virtu's interior renovation will include improvements to the unit kitchens, as well as the addition of washers and dryers.

According to Virtú Investments Principal Michael Green, "Cypress is one of the finest residential communities in Salinas and we wanted to take advantage of the opportunity to buy an institutional quality asset at a substantial discount to replacement cost in a supply constrained market like Salinas."

Fixed rate 10 year CMBS acquisition financing was provided by Fannie Mae through Capmark Finance at an interest rate below 6%.

The Cypress Creek transaction was sourced by San Francisco based Acquisitions Director Stuart Bone. For information on this transaction or on potential multi-family acquisitions on the West Coast and Mountain West contact Stuart Bone (415-999-2088). For potential acquisitions in the South & Midwest contact Marc Olivieri (480-425-2471). 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. Virtu's current portfolio is valued at over $500 million, with over $150 million of private equity under management. Virtú has primary offices in San Francisco and Carlsbad, CA and satellite offices in Tacoma, WA and Scottsdale, AZ.

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