November 15, 2004

Virtú Investments Purchases Oklahoma City's Regency Tower

Oklahoma City, OK — Virtú Investments, a San Francisco based real estate investment management firm, purchased Regency Tower in for $11.35 million on November 15, 2004. The 276 unit, high rise apartment building, located at 333 NW 5th St in downtown Oklahoma City, was an attractive acquisition candidate for Virtú due to the value-added nature of the investment opportunity. The Regency Tower investment allows Virtú to purchase a property and immediately begin an exterior and interior renovation to present a noticeable beautification of the property. In addition Virtú is intent on improving the cost structure by replacing outside contracting with closely managed in house staff and new contracts. Overall this is an underperforming asset with upside potential, and limited direct competition. Virtú obtained new non-recourse, fixed rate loan from Countrywide at 5.45%.

Virtú recognized that The Regency Tower Apartments was an excellent opportunity to purchase a downtown high-rise in a relatively tight and stable market that is trending up and undergoing heavy revitalization efforts. Projects which are approved or currently under construction include; the $4.6 million Emergency Communications Center, the $350 million dollar relocation to expand the I-40, the $8.5 million renovation of the Sheraton Hotel, and the $46.4 million conversion of the old Skirvin to a Hilton Hotel. Multiple retail projects slanted for completion in early 2005 include a 16- screen cinema, restaurants, shops, clubs and an entertainment venue, which will all be linked by a new free shuttle express.

Michael Green and Scott McWhorter founded Virtu Investments in 1997. Since then, the company has acquired over forty properties throughout the country. The company’s current portfolio is valued at approximately $300 million and Virtu has approximately $100 million of private equity under management. Virtu performs its own property management and has primary offices in San Francisco and Carlsbad California and satellite offices in Seattle, WA and Scottsdale, AZ. For more information concerning Regency Tower or acquisitions in the South & Midwest contact Marc Olivieri, 480-425-2471, for information concerning Residential acquisitions on the West Coast contact Wilson Ling, 415-398-2086, and for information concerning Commercial acquisitions on the West Coast contact Will Fleming, 415-398-4202.

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