SOURCE: American Realty Advisors

June 26, 2006 12:15 ET

American Realty Advisors Acquires State Bridge and North Point Apartment Homes in Alpharetta, Georgia

GLENDALE, CA -- (MARKET WIRE) -- June 26, 2006 -- American Realty Advisors announced today that it has completed the acquisitions of State Bridge and North Point Apartments, two premier Class A multi-family communities located in the prestigious Golden Corridor of North Fulton County, just north of Atlanta. Both properties are located within excellent school districts and provide convenient access to major highways as well as to nearby employment, retail and recreational centers.

State Bridge and North Point were acquired on behalf of two of American's pension fund clients and will serve as the latest additions to the firm's growing portfolio of well-established garden-style apartment communities operated under the ALARA brand. The firm currently owns three other ALARA properties in the Atlanta area.

ALARA State Bridge, a 224-unit gated apartment home community, is comprised of nine two- and three-story buildings and offers three spacious floor plans featuring nine-foot ceilings, crown molding, gourmet kitchens, washer/dryer connections, and wood-burning fireplaces. State-of-the art community amenities include a resort-style swimming pool, clubhouse, fitness center, business center, a playground and a car care center.

ALARA North Point, a 264-unit, gated multi-family community, offers tenants an excellent amenities package that includes nine-foot ceilings, crown molding, washer/dryer connections, Roman-style tubs, a children's playground, a clubhouse, a fitness center and a business center. Comprised of eleven two- and three-story buildings, North Point features lush landscaping and elegant resort-style living in a serene setting.

Stanley L. Iezman, President and CEO of American noted: "The ALARA brand has become a recognized standard for multi-family living in the Greater Atlanta Area. We anticipate that both ALARA State Bridge and ALARA North Point will directly benefit from increasing rents, solid employment growth and limited supply of land within the dynamic North Fulton submarket to produce stable cash flow and solid returns for our clients."

American Realty Advisors is a SEC-registered real estate investment advisor and a leading provider of investment management services to institutional investors. With more than $3.7 billion* in assets under management, American has provided real estate investment management services to institutional investors for over 18 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.

* Assets under management represent 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 $798 million in commitments not yet drawn.

Contact Information

  • Contact:
    Joyce Ezaki
    818/409-3280