American Realty Advisors: Press Release

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Contact: David Schrock
818/409-3269

AMERICAN REALTY ADVISORS ACQUIRES THE QUADRANGLE COMPLEX IN DALLAS, TEXAS

GLENDALE, Calif. - March 9, 2006 - American Realty Advisors announced today the acquisition of The Quadrangle, a mixed use office/retail development located in the highly desirable Uptown/Turtle Creek ("Uptown") submarket of the Dallas/Fort Worth office market. Comprised of seven buildings, the 193,970 square foot Class-A property features an eight-story office tower and is complemented by six two-story garden office and retail buildings that surround a central plaza. The Property is well-leased to a diverse roster of quality local tenants. Recognizable by its reputation and contemporary design, The Quadrangle is a landmark within the prestigious Uptown submarket of Dallas.

The Uptown submarket is the tenth largest in the Dallas Metroplex and has recently experienced a boom in residential and retail development, transitioning the area into an urban live/work/play environment comparable to other 24-hour neighborhoods. The Property is expected to benefit tremendously from continued retail and residential expansion and increasing demand for quality office space in the submarket.

Stanley Iezman, American's President and Chief Executive Officer commented, "We are pleased to announce the acquisition of The Quadrangle, a high-quality, well-recognized office complex in one of the most dynamic submarkets in the nation." He added, "We anticipate that The Quadrangle will directly benefit from Uptown's continued growth and popularity, which is expected to generate solid gains for our investors over the duration of our holding period."

American Realty Advisors is a SEC-registered real estate investment advisor and a leading provider of investment management services to institutional investors. With more than $3.3 billion* in assets under management, American has provided real estate investment management services to institutional investors for over 17 years. American's clients utilize core and value-added investment strategies through commingled and separate accounts. The Firm's portfolios include office, industrial, multi-family, and retail properties nationwide.

* Assets under management represent gross value of all assets and accounts managed by American (excluding partners' share of equity and partners' share of debt on partnership investments) plus approximately $808 million in commitments not yet drawn.

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