American Realty Advisors: Press Release

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Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS ACQUIRES
ALARA CANYON CREEK IN AUSTIN, TX

GLENDALE, Calif. - May 21, 2007 - American Realty Advisors announced today the acquisition of ALARA Canyon Creek, a 444-unit garden style apartment community located in the Lake District of Austin, Texas. The market area is locally referred to as "the Four Points," an exclusive neighborhood in Northwest Austin. The apartment community is located within minutes from the parks and marinas on Lake Travis and Lake Austin, two of the premier year-round resort lakes in Texas.

The property was acquired on behalf of one of American's commingled funds and represents the latest addition to its line of premier garden-style, multi-family properties operated under the ALARA brand. Built in 2001, the community consists of 22, two-and three-story buildings and features designer kitchens, nine-foot ceilings, breezeway garages, and full-size washers and dryers. The property is complemented by a clubhouse, which includes a theater room with stadium seating, a 24-hour fitness center, a business center, and two beautiful resort style pools with verandas.

Greg Blomstrand, Principal and Managing Director, Portfolio Management, commented, "We have a positive outlook for Class A multi-family communities located in Northwest Austin. We expect vacancy rates to decline and rental rates to increase, reflecting positive employment growth forecasts, increases in population and improvements in major commuter routes. ALARA Canyon Creek serves as an ideal complement to ALARA Cantebrea Crossing, which is located within the same submarket."

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 $575 million in commitments not drawn.

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AMERICAN REALTY ADVISORS ACQUIRES ALARA CANYON CREEK IN AUSTIN, TX

AMERICAN REALTY ADVISORS ACQUIRES
ALARA CANYON CREEK IN AUSTIN, TX