SOURCE: American Realty Advisors

February 22, 2007 17:26 ET

American Realty Advisors Completes Acquisition of Apartment Community in Aurora, Illinois

GLENDALE, CA -- (MARKET WIRE) -- February 22, 2007 --American Realty Advisors is pleased to announce that it has completed its acquisition of Fox Valley Villages, a 420-unit garden-style apartment home community in the Naperville/Aurora submarket of Chicago. Built in two phases between 1985 and 1990, the entire property received a significant exterior renovation in 2004 and twelve units underwent a full-scale renovation in 2006. American intends to reposition the Property by launching an extensive interior enhancement program for the remainder of the units. The Property was acquired on behalf of one of the firm's commingled funds and was marketed by Peter Evans of Moran & Company.

Fox Valley Villages represents American's third multi-family acquisition in the Chicago area, creating tremendous cross-marketing opportunities and further increasing the firm's commitment in the suburban multi-family market. Kirk Helgeson, Principal and Managing Director, Investments, stated, "The Chicago apartment market is well-positioned to reap the benefits of a strengthening economy, high barriers to entry, stable income streams and upward trending rental rates. In the midst of declining inventory in the real estate asset class, we continue to focus on acquiring unique investments, particularly multi-family assets, with untapped potential in well-established areas."

American Realty Advisors is an SEC-registered investment advisor 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

Multimedia