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| AMLI Residential Sells Austin Community |
CHICAGO, Jan. 30 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has sold AMLI at Wells Branch in Austin, Texas to an affiliate of Waterton Associates, LLC, a private investment group. The 576-unit community, in which AMLI owned a 25% interest, was built in 1999 by AMLI in partnership with an institutional investor. The investment generated an unlevered internal rate of return* of approximately 10%. AMLI will use the approximately $9.5 million of net proceeds to fund future investments or to reduce the balance on its line of credit. "The market for Class A properties in Austin remains strong," stated Allan Sweet, AMLI's President. "Our partner and AMLI jointly decided that it was a good time to sell this community, and we were very pleased with the outcome." The AMLI(R) portfolio currently includes 70 apartment communities containing 26,831 apartment homes, with an additional 1,817 apartment homes under development or in lease-up in five locations. AMLI 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 through AMLI's co-investment business. AMLI employs approximately 850 people who are dedicated to achieving AMLI's mission -- Provide An Outstanding Living Environment For Our Residents. More information on AMLI is available at http://www.amli.com . *The principal components of the methodology used to calculate the internal rate of return noted above are as follows: (i) all reported numbers are based on "free and clear," unlevered results from the real estate only; (ii) any acquisition, disposition, asset management fees or the like otherwise earned by AMLI from a joint venture are not included in the calculation; (iii) property operations are adjusted, if required, to reflect a standard pro forma property management fee of 3.5% of total property revenues; and (iv) the initial cost basis for all properties developed by AMLI are adjusted, if required, to include a standard pro forma 3% development fee and a 5% general contractor fee.SOURCE AMLI Residential Properties Trust
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CONTACT:
Mark Alfieri, Senior Vice President,
+1-972-265-6770, or Allan J. Sweet, President, +1-312-984-2602,
both of AMLI Residential Properties Trust
