American Realty Advisors: Press Release

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Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS ACQUIRES

ALARA® GREENWOOD VILLAGE IN DENVER, COLORADO

GLENDALE, Calif. -- (Market Wire) - October 14, 2008 - American Realty Advisors announced today the acquisition of ALARA® Greenwood Village, a 304-unit multi-family community located within the Denver Technological Center ("DTC") in Colorado. The DTC is a 909-acre business park located at the junction of two major freeways, I-25 and I-225, and is only 10 miles south of downtown. The DTC serves as the gateway to Denver's southeast business corridor, the largest concentration of office space in Colorado and therefore is a major source of employment.

The property was acquired on behalf of one of American's commingled funds and represents the latest addition to the line of premier garden-style, multi-family properties owned by the firm's clients and operated under the ALARA® brand. Built in 1995, the community is comprised of 36 two and three-story buildings that overlook natural wetlands. Units feature above average size with townhome layouts, full-sized washer/dryers, private patios/balconies and direct access parking garages. The property is complemented by a clubhouse, which includes a 24-hour fully equipped fitness center, racquetball court, spa and sauna, theater room, and a beautiful outdoor area with heated pool. Residents at ALARA® Greenwood Village enjoy access to local amenities such as Cherry Creek State Park, Village Plaza, Belleview Promenade, Crescent Town Center and Wallace Park.

American's President and CEO, Stanley Iezman commented, "ALARA® Greenwood Village possesses many of the key attributes we seek in core multi-family investments. These characteristics include a location in the highest ranked school district in Colorado, proximity to a solid employment base in the DTC, nearby convenience retail and recreational amenities, and attractive unit plans. We are confident that this investment, acquired approximately 20% below replacement cost, will produce stable returns for our investors over the course of our holding period. "

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 20 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 June 30, 2008 (excluding partners' share of equity and partner's share of debt on partnership investments).

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