SOURCE: American Realty Advisors

January 18, 2007 11:30 ET

American Realty Advisors Announces Acquisition of Dallas Apartment Home Community

GLENDALE, CA -- (MARKET WIRE) -- January 18, 2007 -- American Realty Advisors announced today that it has completed its acquisition of ALARA Villages of Addison, a sophisticated 264-unit gated apartment community in Dallas, Texas. Located just off the Dallas North Tollway, this Class A Property provides tenants with excellent access to an abundance of upscale retail developments, major employment centers and entertainment venues, including the Galleria Dallas Mall and The Shops at Legacy.

ALARA Villages of Addison underwent extensive renovation in 2006 providing tenants with luxury upgrades including granite/marble countertops, custom wood cabinetry, and slate/wood flooring. The Property remains competitive among the much sought-after upper-echelon multi-family properties in the Dallas area. The community also features state-of-the-art amenities including a clubhouse, fitness center, lavish pools and lush landscaped grounds. The Property was purchased on behalf of one of American's commingled funds, and represents the latest addition to the firm's line of premier, garden-style multi-family properties operated under the ALARA brand.

Greg Blomstrand, Principal and Managing Director, Portfolio Management commented, "ALARA Villages of Addison represents an ideal multi-family acquisition due to its superior location, luxury amenities, and strong demographics stemming from surrounding employment centers. We expect to implement a pro-active management strategy that will allow us to capitalize on the escalating rental demand in this strong Dallas market environment."

American Realty Advisors is an SEC-registered investment adviser and a leading provider of real estate investment management services to institutional investors. With more than $4.0 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.

* As of September 30, 2006, 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 $738 million in commitments not yet drawn.

Contact Information

  • Contact:
    Joyce Ezaki
    818/409-3280

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