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For Immediate Release
Media Inquires:
Sharon Finley
Public Relations Initiatives
928.717.1880
sharon@pr-initiatives.com
Ratel Closes 2nd Investment For Ratel Value Fund I
84-Unit San Jose, California Apartment Community
Tiburon, Calif. – August 22, 2008 - Ratel Investments, a real estate investment firm, today announced it made an equity investment in the Los Gatos Creek apartment community located in San Jose, CA. Ratel invested in Los Gatos Creek in conjunction with Virtú Investments, a San Francisco, CA-based real estate investment firm. Los Gatos Creek is the second investment made by the Ratel Value Fund I, Ratel’s multi-family, value-add fund which was launched in July 2008.
Los Gatos Creek is an 84-unit garden-style apartment community located in the affluent Willow Glen submarket of San Jose, CA. The property sits on 3.6 acres and consists of seven two-story apartment buildings, a resort-style swimming pool and spa, lush landscaping, a fitness center and covered parking. Virtú will oversee a value-add program of amenity upgrades which will include extensive upgrades to interior units as well as renovation of the leasing office and fitness center.
“The San Jose multi-family market is one of the strongest and most stable rental markets in the country,” said Ron Sann, Principal and Founder of Ratel Investments. “While the property is extremely well located and its grounds beautifully landscaped, the apartment interiors have become dated over the last decade and lag the expectations of the upscale submarket in which the property sits. We will spend approximately $10,000 per unit on new kitchens, baths, flooring and lighting over the next year to return the property to its former glory.”
About Ratel Investments (www.ratelinvestments.com)
Ratel Investments, LP is a real estate investment firm that works with experienced joint venture
partners to acquire income producing commercial real estate assets on behalf of high net worth individuals,
families and trusts. Ratel provides investors with the benefits of real estate ownership, including tax
preferred cash flow, long-term capital appreciation and financial diversification without the burden of direct
property management responsibility. Ratel’s real estate portfolio encompasses an equity investment in 25
properties which includes approximately 2,500 apartment units with a combined market value of over $400
million.
About Virtú Investments (www.virtuinvestments.com)
Virtú Investments, LLC, a San Francisco-based real estate investment management firm, was founded in 1997 by Scott McWhorter and Michael Green. Virtú’s core strategy is to purchase distressed or under-performing real estate where it recognizes an opportunity to add value, in cities with a strong demand for housing. Virtú opportunistically purchases apartment complexes with reposition potential due to mismanagement, undercapitalization, eminent expiration of rent restrictions etc., as well as identifying under-valued office and difficult to finance hotel properties. Virtú has acquired over forty properties throughout the country and its current portfolio is valued at over $500 million. Virtú has primary offices in San Francisco and Carlsbad, CA and satellite offices in Tacoma, WA and Scottsdale, AZ.
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