For Immediate Release

Media Inquires:
Sharon Finley
Public Relations Initiatives
928.717.1880
sharon@pr-initiatives.com

Ratel Investments Completes Investment in a 126-Unit Stockton, California Apartment Complex
New Owner to Renovate and Reposition March Lane Property

Oakland, Calif.- September 13, 2004 – Ratel Investments, a real estate private equity company, today announced that it has made an equity investment in Rose Garden, a 126-unit garden style apartment complex in Stockton, California.

Built in 1979, Rose Garden borders March Lane, Stockton’s major retail thoroughfare. The complex consists of seven two-story buildings containing 87,710 rentable square feet. The property also includes 184 parking spaces and a swimming pool.

As part of its acquisition, Ratel Investments will make a significant investment in renovating and repositioning the property, including new exterior paint, improved landscaping, interior unit upgrades, and enhanced security systems.

“Rose Garden is a diamond in the rough,” said Ron Sann, principal for Ratel Investments. “The property is well located and well built, but has significant deferred maintenance. We believe new management and an infusion of capital will turn this property into a showcase.”

About Ratel Investments (www.ratelinvestments.com)
Ratel Investments is a real estate private equity firm that purchases real estate assets both directly and indirectly with partners. Based in San Francisco, California, Ratel’s portfolio includes more than 1,000,000 square feet of income-producing real estate assets throughout the western United States.