SOURCE: American Realty Advisors

September 05, 2007 12:37 ET

American Realty Advisors Acquires The Residences at the Grove

GLENDALE, CA--(Marketwire - September 5, 2007) - American Realty Advisors announced today the acquisition of an approximately 16.25 acre apartment development site located at the northwest corner of the intersection of Butterfield Road and Interstate 355 in the city of Downers Grove, Illinois near Oakbrook Center. The firm plans to construct a 294-unit luxury Class A+ apartment and row home complex consisting of three mid-rise buildings, a semi-subterranean level of parking and 24 row homes with attached 2-car garages.

The property was acquired through a joint-venture with M & R Grove Residential LLC, an affiliate of Moran & Company. The transaction was completed on behalf of one of American's commingled funds.

A spokesperson for American stated, "This investment was the perfect opportunity to invest in an area where there is a high demand for quality multi-family housing and where effective rents and occupancy are rising. This property will be built as a Class A+ residential community and has great value potential in that it is the only new construction project in this high barrier-to-entry market."

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 19 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.

* Estimated as of June 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 $479 million in undrawn commitments.

Contact Information

  • Contact:
    Joyce Ezaki
    818/409-3280

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