American Realty Advisors: Press Release

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Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS ANNOUNCES ADDITIONS TO EXECUTIVE TEAM

GLENDALE, Calif. - February 5, 2007 - American Realty Advisors is pleased to announce that Paul Vacheron and Jay Butterfield have been promoted to Managing Directors as members of the firm's Executive Committee.

Mr. Vacheron heads the firm's Asset Management team, directing all aspects of the firm's nationwide asset management operations. Within this capacity, Mr. Vacheron oversees the management, leasing, financing, and disposition of assets within the firm's real estate investment portfolio and serves as a member of the Investment Committee. He has over 23 years of experience in the real estate industry. Prior to joining American in 2003, Mr. Vacheron held senior positions at PMRealty Advisors and at KBS Realty Advisors.

Mr. Butterfield is responsible for overseeing American's commingled and separate account operations and for directing marketing and client service for the firm's real estate products and services to the institutional investment community. He has over 28 years of experience in working with jointly-trusteed funds and other plan sponsors in helping them to meet their investment needs. Prior to joining American in 2002, Mr. Butterfield was Vice-President with Prudential Investments.

Stanley Iezman, President and CEO of American noted, "We are pleased to recognize the important role that Paul and Jay have played in the growth and success of American over the past four years. Through their collective breadth of knowledge and expertise, both will continue, as members of American's executive team, to make significant contributions to the firm's efforts on behalf of our clients."

American Realty Advisors is an SEC-registered investment advisor and a leading provider of real estate investment management services to institutional investors. With more than $4.0 billion* in assets under management, American has provided real estate investment management services to institutional investors for over 18 years utilizing core and value-added commingled funds and separate accounts. The Firm's portfolios include office, industrial, multi-family, and retail properties nationwide.

* As of September 30, 2006, 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 $738 million in commitments not yet drawn.

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