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| AMLI Residential Acquires Apartment Community in Houston |
CHICAGO, Jan. 14 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has purchased AMLI Midtown (formerly Jefferson Midtown), a 419-unit luxury apartment community located in Houston, Texas. This is the third property purchased under the joint venture structure previously announced 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. AMLI and BPMT plan to acquire approximately $165 million of institutional quality multifamily communities in AMLI's seven markets. Northwestern Mutual Life Insurance Company provided permanent loan financing for this acquisition. The interest rate on the loan is 7.52% with a loan term of seven years and amortizable over a 30-year schedule. AMLI Midtown is set on seven acres within the rapidly evolving Midtown neighborhood adjacent to the Houston Central Business District. The community was constructed in 1998. It contains 368,818 rentable square feet in 19 three-story buildings, with 241 (57%) one-bedroom, 166 (40%) two-bedroom and 12 (3%) three-bedroom apartment homes. The average size of the apartment homes is 878 square feet. The community offers numerous amenities including a resort-style swimming pool and spa, volleyball pool, state-of-the-art fitness center, resident business center and central four-story parking structure. "We are pleased to be increasing our presence in Houston," stated Allan Sweet, AMLI President. "The Midtown market represents one of the strongest apartment markets in Houston, and the addition of new baseball, football and basketball stadiums and the expansion of Texas Medical Center facilities over the next few years will further enhance the location." Including this acquisition, AMLI owns four communities in Houston containing 1,173 apartment homes. The AMLI(R) portfolio currently includes 56 stabilized apartment communities containing 21,870 apartment homes, with an additional 4,298 apartment homes under development or in lease-up in 14 locations. AMLI Residential is focused on the development, acquisition and management of institutional quality multifamily communities in the Southeast, Southwest and Midwest 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 800 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.amliresidential.com .SOURCE AMLI Residential Properties Trust
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Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Mark Alfieri, Vice President, 972-381-2834,
Allan J. Sweet, President, 312-984-2602, both of AMLI Residential
Properties Trust
