SOURCE: American Realty Advisors

June 09, 2006 18:51 ET

American Realty Advisors Completes Acquisitions of Two Apartment Communities in Austin, TX

GLENDALE, CA -- (MARKET WIRE) -- June 9, 2006 -- American Realty Advisors announced today the acquisitions of Hunter's Run and Cantebrea Crossing Apartments, two upscale garden-style multi-family communities in Austin, Texas.

Hunter's Run, a 400-unit gated apartment community, is comprised of 19 buildings and offers five spacious floor plans featuring gated entry, washer and dryer hookups, French doors, and high-speed internet capabilities. In addition, the Property provides tenants with excellent amenities including two resort-style swimming pools, a fitness center, a business center, clubhouse, and two children's playgrounds. Located adjacent to the IBM campus and major employers in the high tech Mopac Expressway corridor, the Property will also provide convenient access to the Domain, a master-planned urban village with a proposed Neiman-Marcus anchored retail center, which is currently under construction. The Property was acquired on behalf of one of American's separate accounts and represents a joint venture with Fowler Properties Acquisitions, LLC ("FPA"). FPA will oversee the day-to-day operations and will provide leasing services for the Property.

Cantebrea Crossing Apartments, a luxurious 288-unit Class "A" apartment community, was built in 2001 and offers tenants an upscale resort-style living environment with lush landscaping and state-of-the-art amenities including designer kitchens, garden tubs, nine-foot and vaulted ceilings, fireplaces, and high-speed internet and satellite TV capabilities. Comprised of 17 buildings, the community is complemented by a multi-tiered pool and spa, a fully equipped clubhouse, fitness center and business center. The Property is ideally located near Austin's major employment, retail and entertainment centers and provides direct access to major arterials. The Property was acquired on behalf of one of American's commingled funds and will be operated under the firm's ALARA property brand. FPA is the operating partner for this Property.

Stanley Iezman, President and CEO of American commented: "Significant population growth in North Austin, along with strong employment forecasts have fueled higher occupancy and rental rates, contributing to the area's current economic recovery. We expect both properties to benefit tremendously from these favorable demographics, as well as from the growing demand for high quality apartment communities."

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