SOURCE: American Realty Advisors

October 25, 2006 18:01 ET

American Realty Advisors Provides Financing for Multi-Family Acquisition in Houston

GLENDALE, CA -- (MARKET WIRE) -- October 25, 2006 -- American Realty Advisors announced today the funding of a mezzanine loan for the acquisition of Park Lakes Apartments, a Class-A garden-style multi-family property located on Buffalo Speedway in Houston, Texas. Built in 2001, the gated community encompasses 320 units with an average unit size of 797 square feet and features state-of-the-art amenities, including an indoor pool, clubhouse, business center, fitness center, and barbeque picnic areas. The property affords immediate access to one of Houston's key employment centers, the Texas Medical Center, and offers convenient access to downtown Houston.

Park Lakes Apartments was acquired on behalf of one of American's pension fund clients and represents a joint venture transaction with Fowler Properties Acquisitions, LLC ("FPA"). FPA will provide property management services and oversee day-to-day operations.

Stanley Iezman, American's President and CEO stated, "Park Lakes Apartments represents an excellent opportunity to invest in one of the few garden-style apartment projects built within close proximity to the Texas Medical Center in many years. As a firm, we continue to favor investments in multi-family properties over the near-term because of their excellent stable cash flow generation and lower volatility relative to other property types in supply-constrained markets. Furthermore, we expect to benefit from this tremendous opportunity to increase rents through active management and improving market conditions."

American Realty Advisors is a SEC-registered investment advisor and a leading provider of real estate 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 $784 million in commitments not yet drawn.

Contact Information

  • Contact:
    Joyce Ezaki,
    818/409-3280

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