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| AMLI Residential Acquires Houston Community |
CHICAGO, Jan. 10 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has purchased AMLI Towne Square (formerly West Dallas Place) in Houston, Texas. The community was acquired in a joint venture with BPMT (Stichting Bedrijfspensioenfonds voor de Metaal en Technische Bedrijfstakken), one of Europe's leading pension funds. AMLI and BPMT each essentially contributed 50% of the equity. Capri Capital, on behalf of FMNA, provided permanent loan financing for this acquisition. The interest rate on the loan is 6.7% with a loan term of seven years and amortization over a 30-year schedule. This is the second property purchased under the previously announced second co-investment program between AMLI and BPMT to acquire approximately $260 million of institutional quality multifamily communities in AMLI's markets. Earlier this year, AMLI announced the completion of the first program, which acquired approximately $165 million of real estate. AMLI Towne Square contains 380 apartment homes set on 7.4 acres in a desirable infill location adjacent to the Allen Parkway corridor, west of Houston's Central Business District. The community was built in 1999 and contains 314,292 square feet. Each of the 22 three- and four-story apartment buildings is connected via covered breezeways to the community's four-story parking garage. AMLI Towne Square offers 224 (59%) one-bedroom, 140 (37%) two-bedroom, and 16 (4%) three-bedroom apartment homes. The average size of the apartment homes is 827 square feet. The community offers numerous amenities including a resort-style swimming pool with fountains, a state-of-the-art fitness center and a resident business center. The community also benefits from its proximity to Houston's downtown, which offers easy access to entertainment, dining and shopping. "We are pleased to complete the acquisition of another high quality apartment community in Houston," said Allan Sweet, AMLI President. "This investment is located near AMLI Midtown, which we acquired with BPMT earlier this year. We have been very pleased with the performance of that investment and expect the same from AMLI Towne Square. The CBD apartment sub-market continues to lead the Houston Metro area and should additionally benefit as supply and demand come back into balance through Houston overall." The AMLI(R) portfolio currently includes 67 apartment communities containing 26,147 apartment homes, with an additional 2,845 apartment homes under development or in lease-up in eight locations. AMLI Residential is focused on the development, acquisition and management of institutional quality multifamily communities in the Southeast, Southwest, Midwest and Mountain regions of the U.S. AMLI Residential also serves as institutional advisor and asset manager for large pension funds, tax-exempt foundations and other financial institutions with respect to their multifamily investment activities. AMLI employs approximately 850 people who are dedicated to achieving AMLI's mission -- Provide An Outstanding Living Environment For Our Residents. AMLI press releases and other company information are available at AMLI's web site located at http://www.amli.com .SOURCE AMLI Residential Properties Trust
back to topRelated links:
Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Mark Alfieri, Vice President, 972-381-2834,
or Allan J. Sweet, President, 312-984-2602, both of AMLI
Residential Properties Trust
