American Realty Advisors: Press Release

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Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS PROVIDES MEZZANINE FINANCING FOR

INDUSTRIAL CAMPUS IN MILPITAS, CALIFORNIA

GLENDALE, Calif. -- (Market Wire) -- January 25, 2008 - American Realty Advisors announced today the origination of a mezzanine loan secured by a 499,206 square foot property comprised of nine industrial buildings on 33.52 acres in Milpitas, California. The property is leased to a leading Electronics Manufacturing Services (EMS) provider of complete design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical, and mobile OEMs. This functional and flexible R&D/manufacturing facility was built in 1992 and has ample parking, roof top heating and cooling, a wet sprinkler system, and 24" clear height ceilings. The property is situated near US-101, SR-237 and I-880, also known as the "Golden Triangle," the heart of Silicon Valley and hub of commercial business, and just minutes from the Mineta San José International Airport. The property also enjoys convenient access to the surrounding affluent communities that house a large labor force.

The transaction was arranged by Westcore Properties, LLC and executed on behalf of one of American's commingled funds. Westcore Properties, LLC, is a private, entrepreneurial commercial real estate investment firm that focuses on investing in markets within the Western United States.

Stanley Iezman, President and Chief Executive Officer of American, stated, "We are pleased to announce our first investment with the highly capable and resourceful professionals at Westcore. This transaction demonstrates our ability to identify and close quality deals in compressed time periods as well as our flexibility and creativity in structuring transactions to meet the objectives of our investors and clients."

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 $4.6 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, retail and other properties nationwide. Information regarding American can be found online at www.americanreal.com.

Forward-Looking Statements: This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are statements that do not represent historical facts and are based on our beliefs, assumptions made by us, and information currently available to us. Forward-looking statements in this press release are based on our current expectations as of the date of the release, which could change or not materialize as expected. Actual results may differ materially due to a variety of uncertainties and risk factors. Except as required by law, we assume no obligation to update any such forward-looking statements.

* Estimated as of September 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 $345 million in undrawn commitments.

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