DALLAS, June 28, 1999 (PRIMEZONE) -- American Realty Trust, Inc. (NYSE: ARB) announced Monday that an affiliate, Capstone American Properties LLC, a Dallas-based multifamily development company, will break ground this week on the first of two phases of the Lakeshore Villas project along the shores of Lake Houston.
Located near the Atascocita Country Club in Atascocita, Texas, more than half of Lakeshore Villas' 312 luxury apartment homes to be built in phase one are lakefront or lakeview units. The complex will feature outstanding recreational facilities, including a jogging trail winding along the shoreline and tennis and volleyball courts. Initial leasing is expected in early 2000.
Capstone American is providing contract development services for National Realty, L.P. (ASE: NLP), the owner of Lakeshore Villas. KSNG Architects, Inc. of Dallas designed the complex.
American Realty Trust, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, hotels, shopping centers, and developed and undeveloped land. The company also has interests in mortgage loans and real estate-related entities. National Realty, L.P is a nationwide real estate investment partnership based in Dallas. Both American Realty and National Realty are advised by Basic Capital Management, Inc.