June 27, 2006

Virtú Investments Purchases Evergreen Ridge Apartments in Bellingham, Washington

Bellingham, WA - Virtú Investments, LLC, a San Francisco based real estate investment firm, purchased the Evergreen Ridge Apartments in Bellingham, WA in June of 2006. The 145 unit apartment complex sits adjacent to a newly developed office park and strip retail center that is quickly becoming a commercial hub of this rapidly developing coastal town.

The Evergreen Ridge Apartments was an attractive acquisition candidate for Virtú Investments due to the value-add nature of the investment opportunity. Virtú Investments was able to purchase the property at a substantial discount to replacement cost and will perform renovations to the interiors and exteriors of the asset. Virtu Investments has engaged its in-house management firm, VPM LLC, to improve the operation of the property.

Virtú assumed permanent, fixed-rate, non-recourse financing from Bank of America Commercial Mortgage with a historically low interest rate of 5.1%. Having purchased the asset for a cap rate well in excess of this interest rate, the property yields significant cash flows. The Evergreen Ridge Apartments acquisition was sourced by San Francisco based Acquisitions Director Stuart Bone.

Bellingham was named 1 of 10 "Dream Cities" by Outside magazine due to the abundance of available outdoor activities and excellent access to Mt. Baker, The San Juan Islands, and Whistler BC. Bellingham also offers outstanding opportunities for secondary education including Western Washington University, the 3rd largest university in Washington.

For more information concerning The Evergreen Ridge Apartments and other acquisition possibilities in the Western States, contact Stuart Bone (415-999-2088). For information concerning multi-family acquisitions in the South and Southwest contact Marc Olivieri (480-425-2471). Contact Will Fleming (415-398-4202) at Virtu Commercial for information concerning Commercial acquisitions on the West Coast.

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 Virtu has approximately $120 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.

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