GLENDALE, CA--(Marketwire - April 3, 2012) - American Realty Advisors, a leading provider of real estate investment management services for institutional investors, announced today the acquisition of two newly-constructed urban multifamily properties in the heart of West Seattle's Alaska Junction. Both properties are conveniently located near public transportation and offer views of the downtown skyline, the Cascade and Olympic mountain ranges, and Elliott Bay. The acquisitions were completed on behalf of one of American's commingled real estate funds.
Link Apartments is a mixed-use, six-story mid-rise apartment building, built in 2011. Comprised of 195 units and approximately 17,116 SF of fully-leased retail space, Link was recently named Multi-Family Development of the Year by the Washington State Chapter of NAIOP -- The Commercial Real Estate Development Association.
Mural Apartments is a seven-story mixed-use mid-rise apartment building, with 136 units and approximately 5,275 SF of fully-leased ground-level retail space. Built in 2009, Mural was constructed as a two‐star Built Green™ certified building (a regional sustainable building certification program), and, similar to Link Apartments, emphasizes environmental sustainability and energy efficiency.
Kirk Helgeson, American's EVP/Executive Managing Director, Investments, stated, "The acquisition of Link and Mural represent the firm's ongoing commitment to expanding our core portfolio with strategically-located well-designed and highly-functional multi-family investments that cater to the needs of the local tenant base. Because of the submarket's increasing demand for high-quality amenity-rich assets, we anticipate that these assets will generate favorable returns for American's clients."
American is an investment advisor registered with the U.S. Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940, as amended, and a leading provider of real estate investment management services to institutional investors. With over $4.5 billion* in assets under management, American has provided real estate investment management services to institutional investors for over 23 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 approximate gross market value of all assets and accounts managed by American as of December 31, 2011 which includes cash and cash equivalents and excludes partners' share of equity and partners' share of debt on partnership investments.