GLENDALE, CA–( EMWNews – March 31, 2008) – American Realty Advisors is pleased to

announce that Jeff Gilder has joined the firm as Senior Director,

Investment Group. Based in American’s Atlanta office, Mr. Gilder will

oversee the solicitation, analysis, underwriting and negotiation of debt

and equity real estate acquisitions and investments, with a focus on the

East Coast and Southern markets. American welcomes Mr. Gilder to enhance

the depth and experience of its senior management team, as the firm’s

business and client base continues to expand.

Mr. Gilder brings to American an extensive track record spanning more than

19 years of real estate experience during which he was responsible for an

aggregate of $7 billion in equity and debt transactions. Most recently,

he served as Chief Investment Officer at Wells Real Estate Funds, where he

led cross-functional regional acquisition/disposition teams, maintained

direct oversight of the due diligence and finance groups, and developed and

implemented the company’s annual investment management plan. Prior to

joining Wells Real Estate Funds, Mr. Gilder served as Vice President –

Acquisitions at BVT Institutional Investments, Inc., a German-based real

estate investment fund sponsor, and at Baita International, LLC, a

U.S.-based real estate investment advisor to European and U.S. investors.

American’s President and CEO Stanley Iezman commented, “We are pleased to

add Jeff to our Investment Group. We believe he will be an invaluable

contributor to the team and that his real estate expertise, in-depth market

knowledge, and strong relationship network will enable him to contribute to

the growth of the firm.”

American Realty Advisors, a California corporation, is an SEC-registered

investment advisor under the Investment Advisers Act of 1940 and a leading

provider of real estate investment management services to institutional

investors. With more than $4.6 billion* in assets under management,

American has provided innovative real estate solutions to institutional

investors for over 19 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. Information regarding

American can be found online at www.americanreal.com.

Forward-Looking Statements: This press release may contain forward-looking

statements within the meaning of the federal securities laws.

Forward-looking statements are statements that do not represent historical

facts and are based on our beliefs, assumptions made by us, and information

currently available to us. Forward-looking statements in this press

release are based on our current expectations as of the date of the

release, which could change or not materialize as expected. Actual results

may differ materially due to a variety of uncertainties and risk factors.

Except as required by law, we assume no obligation to update any such

forward-looking statements.

*Assets under management represent gross value of all assets and accounts

managed by American as of December 31, 2007 (excluding partners’ share of

equity and partners’ share of debt on partnership investments) plus

approximately $291 million in undrawn commitments.