|
|
| AMLI Residential Announces Joint Venture to Develop Houston Apartment Community |
CHICAGO, Jan. 22 /PRNewswire/ -- AMLI Residential (NYSE: AML) announces today that it has entered into a partnership with New York State Common Retirement Fund, which is an existing partner in a number of other AMLI developments, to jointly develop and own AMLI at King's Harbor in Houston, Texas. The cost of development will be funded without debt, with New York State Common Retirement Fund contributing 75% of the equity and AMLI contributing 25% of the equity to the joint venture. New York State Common Retirement Fund was advised in this transaction by Heitman Capital Management, LLC. AMLI at King's Harbor, when completed, will be comprised of 300 apartment homes set on a 15-acre site on the waterfront of Lake Houston in the community of Kingwood, a planned community approximately ten miles northeast of the George Bush Intercontinental Airport. Kingwood offers upscale residential amenities that include hike and bike trails, highly acclaimed golf courses, lake access, excellent schools and quality retail. AMLI broke ground on this community in the second quarter of 2000. The first apartment homes are expected to be available for occupancy in the first quarter of 2001 with final construction and stabilization scheduled for the fourth quarter of 2001. The total cost of development will be approximately $20 million. "We are pleased to share the ownership of AMLI at King's Harbor with New York State Common Retirement Fund, one of our largest institutional relationships," said Allan Sweet, AMLI President. "The formation of this joint venture meets the investment objectives of both partners and continues our goal to develop and own high quality apartment communities in our eight principal markets." State Comptroller H. Carl McCall, sole trustee of the $120 billion New York State Common Retirement Fund, said, "I am pleased to be working with AMLI and know that this venture will be profitable for the Common Retirement Fund members." This transaction continues AMLI's declared strategy to selectively co-invest with institutional investors for the development, acquisition and management of Class A multifamily 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 King's Harbor. 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
back to topRelated links:
Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Allan Sweet, President, 312-984-2602, or
Brian K. Cranor, Senior V.P., 317-524-2504, both of AMLI
Residential
