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| AMLI Residential Announces Joint Venture to Develop and Own Atlanta Apartment Community |
CHICAGO, Jan. 11 /PRNewswire/ -- AMLI Residential (NYSE: AML) announces today that it has entered into a joint venture with Northwestern Mutual to develop and own AMLI at Milton Park in Alpharetta, Georgia, a northern suburb of Atlanta. The joint venture is structured such that cash flow and sales proceeds will be shared 75% to Northwestern Mutual and 25% to AMLI Residential until certain benchmarks are achieved, at which point AMLI will receive an increased portion of the cash flow and residual interest. AMLI at Milton Park will be comprised of 461 apartment homes set on a 23-acre site located on North Point Parkway, just north of North Point Mall. The community is set within Milton Park, a 108-acre mixed-use development, which will include office and retail components, as well as 150 single-family homes. AMLI recently commenced construction on AMLI at Milton Park, which will contain over 440,000 rentable square feet in eight buildings, with 318 (69%) one-bedroom and 143 (31%) two-bedroom apartment homes. The apartment homes will average 955 square feet in size. The first apartment homes are expected to be available for occupancy in the fourth quarter of 2001 with final construction and stabilization scheduled for the fourth quarter of 2002. Community amenities will include a swimming pool, state-of-the-art fitness center with aerobics room, media center and resident business center. The total project cost is estimated to be approximately $35 million. After a lengthy entitlement process earlier this year, AMLI acquired the entire mixed-used land site in a joint venture with an Atlanta commercial development company, Pope & Land. The portion of the property dedicated to single-family construction was simultaneously sold to a subdivision developer. AMLI recognized a substantial gain from the sale, which was reported during the second quarter. "We are pleased to announce both the start of construction of this community and the formation of our sixth co-investment development joint venture with Northwestern Mutual," said Phil Tague, Executive Vice President and head of AMLI's development operations. "AMLI at Milton Park will be an important part of this exciting new mixed-use development that we are developing with Pope & Land. Milton Park will be a distinctive mix of uses with neo-traditional architectural styles and local services that we hope will reduce the number of vehicular trips that our residents will make. Milton Park will also be recognized for its town center, linear parks and walking trails that connect to the Big Creek Greenway. In this endeavor, we greatly appreciate the opportunity to be partners with Northwestern Mutual again." This transaction continues AMLI's declared strategy to selectively co-invest with institutional investors for the development, acquisition and management of Class A multifamily apartment communities. By strategically leveraging the Company's equity through these alliances, AMLI believes the return on its investment will be significantly enhanced. AMLI will provide development, construction, leasing and property and asset management services for AMLI at Milton Park. Based in Milwaukee, Northwestern Mutual is the nation's leading provider of individual life insurance. Nationwide, the company has over $17 billion invested in its real estate portfolio. For more information, visit http://www.northwesternmutualinvestments.com . 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 areas 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
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Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Philip N. Tague, Executive V.P.,
770-281-3311, or Brian K. Cranor, Senior V.P., 317-524-2504, both
of AMLI Residential
