SOURCE: American Realty Advisors

January 14, 2008 18:59 ET

American Realty Advisors Acquires Alara® Hedges Creek in the Portland, Oregon Area

GLENDALE, CA--(Marketwire - January 14, 2008) - American Realty Advisors announced today the acquisition of ALARA® Hedges Creek, a 408-unit garden-style apartment community in Tualatin, Oregon, a suburb of Portland. Built in 1998, this premier Class-A, 339,144 square foot property consists of 19 buildings, has an average unit size of 831 square feet and features a clubhouse, 24-hour state-of-the-art fitness center, pool, picnic area, covered parking garage, and a convenient walking bridge to retail shops. This property's excellent location attracts residents for its easy access to local schools, the Tualatin Country Club, Bridge Port Village, and the Washington County Commuter Rail, scheduled to be completed in September 2008. The transaction was completed on behalf of one of American's commingled funds.

Stanley Iezman, President and Chief Executive Officer at American, stated, "We have a positive outlook for Class-A multi-family communities located in the West Portland submarket and believe that this property has the potential to command the highest rents in the submarket. We anticipate that this property will continue to benefit from the area's continued population growth, positive employment forecasts, and solid long-term economic drivers."

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 September 30, 2007 (excluding partners' share of equity and partners' share of debt on partnership investments) plus approximately $345 million in undrawn commitments.

Contact Information

  • Contact:
    Joyce Ezaki
    818/409-3280