San Francisco, CA

Lynch Investments-sponsored investment group acquires 252 units in Corpus Christi, Texas

For immediate release:

Lynch Investments has expanded its presence in the Corpus Christi multifamily market recently, by acquiring the Arbors on Saratoga Apartments: a 252-unit, 1998-vintage, Class-A property. The pristine complex is located on Saratoga Boulevard in the highly desirable Saratoga/Staples sub market just blocks from the heavily-traveled intersection of Staples Street and South Padre Island Drive, and was 95% occupied at the time of purchase. The Arbors is one of Corpus Christi's premier multifamily communities and consists of 72-1BR units, 132-2BR units and 48-3BR rental homes.

Lynch Investments became attracted to the Corpus Christi apartment market following four multifamily acquisitions in San Antonio dating back to mid-2003. The low level of new construction, the desirable location of Corpus Christi on the Texas Coast and the vibrant local economy including an expanding, beach front Texas A & M University, led Lynch Investments to close on an 7-property, Class-B multifamily portfolio earlier in 2004. The Arbors joins the group of other Lynch-sponsored multifamily acquisitions in San Antonio and Corpus Christi that is managed by Capstone Real Estate Services.

Lynch Investments, LLC and its affiliated companies comprise a San Francisco-based real estate investment firm that acquires, improves and manages commercial and residential real estate assets. Peter Lynch is the Managing Member of Lynch Investments, LLC, and is CEO of its affiliated entities.

For more information, please contact David Becker, Director of Investor Relations, at (415) 364-3606 or send an email message to dbecker@lynchinvestments.com.

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