SOURCE: American Realty Advisors

August 23, 2006 17:32 ET

American Realty Advisors Completes Acquisition of Premier Apartment Community in Chicago Submarket

GLENDALE, CA -- (MARKET WIRE) -- August 23, 2006 -- American Realty Advisors announced today that it has completed its acquisition of ALARA at Summerfield, a Class-A 368-unit multi-family community in Aurora, Illinois, a dynamic submarket of Chicago. Situated in the Triangle of DuPage, Kane, and Kendall Counties, and adjacent to Naperville, the property enjoys convenient access to a vibrant hub of business, retail, entertainment and recreational activities via an exceptional network of railways and major arterials.

The property was acquired on behalf of one of American's commingled funds and represents the latest addition to its line of premier garden-style, multi-family properties operated under the ALARA brand. Completed in 2004, the community consists of 25 two- and three-story buildings and features spacious layouts with an average unit size of 1,163 square feet, townhome/loft style units, full-size washer and dryers, gourmet kitchens, Whirlpool appliances, and generous walk-in closets. State-of-the-art amenities include a 4,000 square foot clubhouse, fitness center, business center, conference room, luxury swimming pool and spa, and a barbeque grill/picnic area.

Stanley L. Iezman, American's President and Chief Executive Officer, commented: "High quality apartment homes continue to be a premium in the Chicago market as the direct result of rising condo conversion rates and recent employment growth. We anticipate that strong rent growth, fueled by rising consumer demand, should translate into stable consistent returns on behalf of our investors over the course of the property's holding period."

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 $3.8 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 June 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 $787 million in commitments not yet drawn.

Contact Information

  • Contact:
    Joyce Ezaki
    818/409-3280