GLENDALE, CA--(Marketwire - May 18, 2012) - American Realty Advisors, a leading provider of real estate investment management services for institutional investors, announced today the acquisition of Portofino at Mercer Crossing, a 224-unit, 4-story apartment complex in the highly-desirable North Dallas submarket of Las Colinas. The project was acquired as a joint venture formed with The Marquette Companies.
Built in 2008, the amenity-rich property offers tenants with functional floor plans and numerous on-site conveniences including a state-of-the-art fitness center, structured parking, a lavish clubhouse, internet café, business center and resort-style pool and spa. In addition to nearby restaurants, shopping and local attractions, Portofino is located with convenient access to the I-635, I-35 and SH-161 as well as the new Las Colinas Urban Center light rail station, providing residents with superior accessibility to the entire Dallas metropolitan area.
American's EVP/Executive Managing Director, Kirk Helgeson, stated, "With desirable demographics and accessibility to amenities and transportation infrastructure, Portofino provides the firm with a value-driven opportunity in a high-quality asset that is priced significantly below mid-rise replacement cost and recent trades of comparable properties. We anticipate our active management strategy will help reposition the property into a core asset and can generate favorable returns for our clients."
American Realty Advisors
American is an investment advisor registered with the U.S. Securities and Exchange Commission 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 billion1 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, retail and other properties nationwide, all of which are managed on behalf of American's clients. Information regarding American can be found online at www.americanreal.com.
The Marquette Companies
The Marquette Companies is a Naperville, Ill.-based private real estate company that has been a leading property manager and developer of apartment and condominium communities since 1983. Today, Marquette is aggressively expanding its private portfolio as well as its property and fee management division. Marquette has significant expertise in purchasing value-add opportunities that are underperforming and undervalued real estate assets across the country to reposition or redevelop them. Nationally, The Marquette Companies owns and/or manages more than 8,900 units, including apartment communities in Colorado, Kansas, Illinois, Michigan and Texas. The company has managed and developed more than 25,000 multi-family homes throughout the Midwest and its gross annual revenues total approximately $99 million. For more information on The Marquette Companies, visit www.marquettecompanies.com, and for Marquette Management, visit www.marquettemanagement.com.
1 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.