American Realty Advisors: Press Release

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Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS ACQUIRES ALARA® HARBOUR POINTE

IN SEATTLE, WASHINGTON

GLENDALE, Calif. -- (Market Wire) - March 12, 2008 - American Realty Advisors announced today the acquisition of ALARA® Harbour Pointe, a luxury apartment community in Mukilteo, Washington, an affluent submarket of Seattle. Built in 1998, this upscale 230-unit multi-family complex features spacious walk-in closets, a clubhouse, state-of-the-art fitness center, additional outdoor storage spaces, covered parking garages, pool and barbeque area. The property offers convenient access to the neighborhoods' walkways and greenbelts, award-winning schools, the renowned Harbour Pointe Golf Club, and Boeing's Everett facility.

The transaction was completed 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.

Scott Darling, Principal and Managing Director, Portfolio Management, at American stated, "The property is located in the beautiful neighborhood of Harbour Pointe along the scenic coast of Puget Sound. Further, Seattle's employment growth rate is almost twice that of the national average and is considered to be a "high barrier-to-entry" market with a severe shortage of multi-family zoned land. We believe that this will be an exceptional property over the long term with its tremendous employment base and convenient access to award-winning schools and recreational amenities."

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.

*Assets under management represent gross value of all assets and accounts managed by American as of December 31, 2007 (excluding partners' share of equity and partners' share of debt on partnership investments) plus approximately $291 million in undrawn commitments. ALARA is a registered service mark of American Realty Advisors and is used under license.

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