LARKSPUR, Calif., June 3, 2009 – LRG Capital Real Estate Ventures, a subsidiary of LRG Capital Group, is pleased to announce that the LRG Capital Real Estate Partners I Fund has acquired a multifamily complex located at 1244-1246 Hearst Avenue in Berkeley, California near the University of California campus. The purchase of the 4 single-story and 1 three-story buildings was completed at the price of $221 per gross building square foot and comprises 23 studio, one bedroom and two bedroom units and 15 parking spaces on a half acre parcel.
“1244-1246 Hearst Avenue is an attractive acquisition that provides both strong current income and clearly defined opportunities for value creation,” said Lawrence Goldfarb, CEO and founder of LRG Capital Group. “We acquired this property at a price well below replacement cost and due to the unique benefits of the property’s central location, including proximity to UC Berkeley and San Francisco, the complex has strong occupancy rates and positive cash flow.”
The LRG Capital Real Estate Partners I Fund primarily makes direct, intermediate term equity investments in commercial and multifamily properties located in or near California’s premier cities and, to a lesser extent, development and rehabilitation projects for office, multi-family, industrial, retail and mixed-use properties. The Fund is co-managed by Evan Kraus, Executive Vice President of LRG Capital Group, Lawrence Goldfarb, CEO of LRG Capital Group, Geoffrey Koblick, a seasoned real estate investor who has been active in California commercial real estate for over 23 years, and Richard Hall, a respected commercial real estate manager and investor since 1999.
The 1244-1246 Hearst Avenue, Berkeley, California apartment building joins other commercial, multi-family and mixed-use properties in the LRG Capital Real Estate Partners I Fund’s portfolio including 851 Irwin Street, San Rafael, California, 505 A San Marin Drive, Novato, California, 18360 Sierra Drive, Sonoma, California, 384 Bel Marin Keys Blvd, Novato, California, 220 Canal Street, San Rafael, California and 125 E. Sir Francis Drake Boulevard, Larkspur, California.
LRG Real Estate Ventures invests in and advises on a wide range of equity financing solutions, from joint ventures with operating and development sponsors to direct, active investments through LRG Capital Real Estate Partners, involving commercial, multi-family, retail and light-industrial real estate properties.
LRG Capital Group (www.lrgcapital.com) is a global investment, banking and advisory boutique that focuses on public and private companies in the technology, life sciences, hospitality, real estate and entertainment sectors. Founded by Lawrence Goldfarb, the firm provides capital via private equity, commercial loans and structured debt financing, and guides and advises clients on mergers and acquisitions, corporate finance and other strategic alternatives. Based in San Francisco with offices in New York and Miami, LRG Capital excels at relationship-focused guidance and financing.
This release contains forward-looking statements relating to the business and financial outlook of LRG Capital Real Estate Partners I Fund that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the offering documents of LRG Capital Real Estate Partners I Fund. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.