American Realty Advisors: Press Release

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Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS ANNOUNCES
NEW HEAD OF RESEARCH

GLENDALE, Calif. - May 9, 2007 - American Realty Advisors is pleased to announce that Walter Page has joined the firm as Managing Director of Research and Strategy, based in American's Chicago office. Mr. Page brings to American over 23 years of real estate related experience focusing on institutional market and property specific research, as well as in-depth analysis of acquisition and disposition transactions. He will head-up American's firmwide research resources and will serve as a Member of the firm's Investment Committee.

Prior to joining American, Mr. Page was head of Research and Portfolio Management for Equity Office Properties Trust, where he established and managed the firm's six-person research/portfolio analysis team and served as the chief economic and real estate market forecaster. At Equity Office, he created a custom economic model to forecast the firm's occupancy at the building, submarket, metro and portfolio level, which was a key factor in establishing earnings guidance, as well as building lease-up assumptions. He was also a founding leader in establishing the operating expense database for the National Council of Real Estate Investment Fiduciaries (NCREIF). Prior to joining Equity Office, Mr. Page was Vice President of Research at LaSalle Investment Management, where he oversaw the development and operation of the firm's forecasting model covering over 100 markets and submarkets nationwide. At both firms, he was responsible for authoring and publishing market research and commentary for distribution to the firms' clients. Mr. Page received a BA in Economics from Ripon College and earned an MBA from the University of Wisconsin-Milwaukee.

Stanley L. Iezman, President and CEO of American commented, "We are pleased to add Walter's experience and expertise in real estate research and forecasting to our resources. His addition to American's dynamic team of investment professionals is another example of our continuing commitment to excellence in providing real estate investment management services to our clients."

American Realty Advisors is an SEC-registered investment advisor under the Investment Advisers Act of 1940 and a leading provider of real estate investment management services to institutional investors. With more than $4.3 billion* in assets under management, American has provided innovative real estate solutions 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. Information regarding American can be found online at www.americanreal.com.

* Estimated as of March 31, 2007, representing 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 $554 million in commitments not drawn.

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AMERICAN REALTY ADVISORS ANNOUNCES NEW HEAD OF RESEARCH

AMERICAN REALTY ADVISORS ANNOUNCES
NEW HEAD OF RESEARCH