|
Back to List of Press Releases
Contact: Joyce Ezaki
818/409-3280
AMERICAN REALTY ADVISORS ACQUIRES
THE RESIDENCES AT THE GROVE
GLENDALE, Calif. - September 5, 2007 - American Realty Advisors
announced today the acquisition of an approximately 16.25 acre apartment
development site located at the northwest corner of the intersection
of Butterfield Road and Interstate 355 in the city of Downers Grove,
Illinois near Oakbrook Center. The firm plans to construct a 294-unit
luxury Class A+ apartment and row home complex consisting of three
mid-rise buildings, a semi-subterranean level of parking and 24
row homes with attached 2-car garages.
The property was acquired through a joint-venture with M & R
Grove Residential LLC, an affiliate of Moran & Company. The
transaction was completed on behalf of one of American's commingled
funds.
A spokesperson for American stated, "This investment was the
perfect opportunity to invest in an area where there is a high demand
for quality multi-family housing and where effective rents and occupancy
are rising. This property will be built as a Class A+ residential
community and has great value potential in that it is the only new
construction project in this high barrier-to-entry market."
American Realty Advisors, a California corporation, 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 $4.4 billion* in assets
under management, American has provided innovative real estate solutions
to institutional investors for over 19 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 June 30, 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 $479 million in undrawn commitments.
# # #
Back to List of Press Releases
Home | About Us | Services
| Strategies | In The News |
Publications | Research
Contact Us
©American Realty Advisors. All rights reserved. (818) 545-1152
Terms and Conditions
|
