American Realty Advisors: Press Release

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Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS ACQUIRES LUXURY APARTMENT COMMUNITY IN CARY, NORTH CAROLINA

GLENDALE, Calif. - March 12, 2007 - American Realty Advisors is pleased to announce that it has acquired the Apartments at Weston Lakeside, a newly-built luxury apartment community located in the Raleigh/Cary market. The Property was completed in early 2007 and is comprised of 332 units, with an average unit size of 1,032 square feet. Weston Lakeside offers 14 floor plans with deluxe amenities including designer kitchens, vaulted ceilings, oversized bath tubs, and granite kitchen countertops with tiled backsplashes. Residents also have access to state-of-the-art facilities such as a theater, a fitness center, a business center, billiards, an arcade, a car wash, a resort-style swimming pool and a sand volleyball court. The Property was acquired on behalf of one of the firm's commingled funds and is the newest addition to the firm's ALARA® brand of premier multi-family investments located nationwide.

Situated along Lake Crabtree in the center of the 950-acre mixed-use Weston planned community, the Property enjoys excellent access to upscale retail and dining at the Shops at the Arboretum and is expected to draw significant interest from employees of the surrounding Weston area and nearby Research Triangle Park.

Stanley Iezman, President and CEO of American, stated, "Strong employment forecasts for the Raleigh/Cary market have fueled tenant demand in the area, which we expect will translate into stable cash flows and solid returns on behalf of our investors. We intend to implement an aggressive lease-up strategy and will pursue an active management program to stabilize occupancy rates."

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 $4.1 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 December 31, 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 $762 million in commitments not yet drawn.

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