American Realty Advisors: Press Release

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Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS ACQUIRES 278,747 SF RETAIL CENTER IN MIAMI, FLORIDA

GLENDALE, Calif. - March 30, 2007 - American Realty Advisors is pleased to announce that it has completed its acquisition of Kendall Mall, a Class A shopping center located in a densely populated submarket of Miami, Florida. Anchored by JCPenney Home Store, Staples and one of Florida's dominant grocers, the Property is fully leased to a diversified roster of national tenants including CVS, Subway, Blockbuster, Starbucks, and Bally Total Fitness and also encompasses an outparcel ground leased to Bank of America. The Property is situated at the intersection of North Kendall Drive and 107th Avenue and enjoys excellent visibility and high traffic volume. In 1996, the Property underwent renovation, which included a full redevelopment of the facade and expansion of the grocer anchor space. The acquisition was completed on behalf of one of the firm's commingled funds and marks American's fourth retail investment in Florida.

Greg Blomstrand, Principal and Managing Director of Portfolio Management, stated, "In the current environment where opportunities for well-positioned retail properties of the quality represented by Kendall are few, American's acquisition of this outstanding high-profile property, located in a strong retail growth market, represents excellent potential for increased long-term value to our portfolio."

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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