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Contact: Joyce Ezaki
818/409-3280
AMERICAN REALTY ADVISORS COMPLETES ACQUISITION
OF
APARTMENT COMMUNITY IN AURORA, ILLINOIS
GLENDALE, Calif. - February 22, 2007 - American Realty Advisors
is pleased to announce that it has completed its acquisition of
Fox Valley Villages, a 420-unit garden-style apartment home community
in the Naperville/Aurora submarket of Chicago. Built in two phases
between 1985 and 1990, the entire property received a significant
exterior renovation in 2004 and twelve units underwent a full-scale
renovation in 2006. American intends to reposition the Property
by launching an extensive interior enhancement program for the remainder
of the units. The Property was acquired on behalf of one of the
firm's commingled funds and was marketed by Peter Evans of Moran
& Company.
Fox Valley Villages represents American's third multi-family acquisition
in the Chicago area, creating tremendous cross-marketing opportunities
and further increasing the firm's commitment in the suburban multi-family
market. Kirk Helgeson, Principal and Managing Director, Investments
stated, "The Chicago apartment market is well-positioned to
reap the benefits of a strengthening economy, high barriers to entry,
stable income streams and upward trending rental rates. In the midst
of declining inventory in the real estate asset class, we continue
to focus on acquiring unique investments, particularly multi-family
assets, with untapped potential in well-established areas."
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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