American Realty Advisors: Press Release

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Contact: David Schrock, 818/409-3269

AMERICAN REALTY ADVISORS ACQUIRES RIVER OAKS

GLENDALE, Calif. –(BUSINESS WIRE)--May 27, 2004– American Realty Advisors announced today the acquisition of River Oaks, an upscale 200-unit multi-family community located in one of the most affluent areas of Nashville, TN. The Class-A apartment homes were acquired for one of the firm's public employee retirement system clients.

The ALARA brand, developed by American, represents the epitome of quality apartment home living: exceptional architecture, manicured landscaping, convenient locations in upscale communities, spacious grounds and units, and state-of-the-art amenities. ALARA River Oaks, as it was renamed at acquisition, will be no exception. Each garden-style unit features include tiled entry foyers, vaulted ceilings, fireplaces, private entries, open kitchens with breakfast bar and pantry, walk-in closets, and a patio or balcony all on oversized floor plans. Amenities include a swimming pool and Jacuzzi, an 18-seat movie theatre, resident business center with high-speed Internet access, fitness center, sand volleyball courts, dog runs, and playgrounds. American's operating strategy, in keeping with the ALARA branding concept, is to upgrade the landscaping, recreation areas, signage, maintenance and tenant-focused customer service.

The ALARA branding concept was conceived to bring uniformity, personality and modern standards to American's multi-family properties, attracting loyal tenants who make the choice to live in an ALARA community. Currently, American owns eight ALARA properties, mostly located in the Southeast. Although low interest rates have attracted some would-be renters to become homebuyers, American's ALARA properties have successfully maintained above-market occupancy, resulting in strong performance for its institutional investors. The firm's multi-family assets have generated an annualized return of 11.58% for the year ending March 31, 2004.

American's Managing Director of Portfolio Management, Scott Darling commented: "The ALARA concept is emblematic of how we add value to our clients' portfolios in the asset management process. Even in the current challenging real estate environment, our continued disciplined and creative asset management approach, focused solidly on fundamentals, has been highly successful."

American Realty Advisors is a leading provider of institutional real estate investment management services including acquisition, disposition, development, structured finance, and active asset management. With more than $1.7 billion in assets under management, American has created customized investment strategies for public employee and corporate pension funds, endowments, foundations, and Taft-Hartley funds for over 15 years. The firm's nationwide portfolios include office, industrial, multi-family, and retail properties.

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