Amstar Sells 225-unit stabilized Class “A” Multifamily Project in Denver, Colorado

Denver, Colorado (May 24, 2010) – Amstar today announced the sale of Retreat at City Center, a 225-unit luxury multifamily community in Aurora, Colorado. The sales price was not disclosed. Amstar, in partnership with Allied Realty, developed and stabilized the property during 2003 and 2004.

“We were pleased with both the level of interest and the quality of prospective buyers generated by the sales process which generated in excess of thirty offers,” said Amstar Executive Director Kim Sperry. “We held Retreat at City Center longer than our typical investment horizon as it was a consistently high-performing asset and the nearby employment base continued to improve. The decision to sell the asset was prompted by recognition that there is significantly more demand than supply of institutional quality, core real estate available in the market.  This demand resulted in an extremely aggressive cap rate.”

Retreat at City Center is an urban style rental community with luxury features and amenities including full size washers and dryers, granite bar tops and island kitchens, gas fireplaces, and spacious private patios or balconies. The community has a clubhouse with billiards room, fitness center, resort style pool with sun shelf, cyber café and business center, and a private parking structure for all residents’ vehicles.  The property offers convenient access to Interstate 225, the Town Center at Aurora, Fitzsimons Redevelopment, Buckley Air Force Base, the Southeast Business Corridor, and Denver International Airport.

Doug Andrews and Jeff Hawks from the Denver office of Apartment Realty Advisors brokered the transaction.

About Amstar

Established in 1987, Amstar is a real estate investment manager that offers both commingled funds and tailored separate accounts to its international and domestic clients. With more than $1.65 billion in assets under management, Amstar’s current portfolio consists primarily of office, hospitality, and multifamily holdings within the major markets of the United States and select markets in Europe and Latin America.

Amstar offers its clients stability, sound judgment and a long history of proven performance. Our team of highly capable employees understands that our commitment to our clients is the company's primary competitive advantage. For more information on Amstar, go to www.amstar.com, or contact Executive Director Rob Toomey at rob.toomey@amstar.com.

About Allied Realty

Allied Realty is a leading fully-integrated multi-family real estate investment, development, and property management firm. Headquartered in Houston, Texas, Allied Realty has been investing, developing and managing multi-family communities throughout the U.S. since 1985. For more information about Allied Realty, go to www.alliedrealty.com.