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| AMLI Residential Acquires Chicago Community |
CHICAGO, Feb. 1 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has purchased AMLI at Osprey Lake in Gurnee, Illinois, a far northern suburb of Chicago. 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 contributed approximately 70% and 30%, respectively, of the equity capital. The New York State Teachers Retirement System, which was represented by Julian, Toft and Downey, Inc., provided permanent loan financing for this acquisition. The interest rate on the loan is 7.02% with a loan term of ten years and amortization over a 30-year schedule. This is the third community 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. AMLI at Osprey Lake contains 483 apartment homes and is set on 87 acres in northeastern Lake County. Large portions of the site were preserved, including a natural lake, wetlands and tree save areas. The community was built in two phases in 1997 and 1999 and contains 682,942 square feet in 22 three- and four-story apartment buildings. AMLI at Osprey Lake offers 31 (6%) efficiencies, 179 (37%) one-bedroom/one-bedroom den and 273 (57%) two-bedroom apartment homes. The average size of the apartment homes is 941 square feet. The community offers numerous amenities including indoor and outdoor heated swimming pools, two tennis courts, a state-of-the-art fitness center and a resident business center. "We are very excited about this latest acquisition for many reasons," said Allan Sweet, AMLI President. "It is a continuation of our co-investment investment program with BPMT, as well as an opportunity to expand our presence in our home city of Chicago. Transactions in Lake County are rare, and we have been working on this one for more than two years. We are pleased to add AMLI at Osprey Lake to our portfolio." The AMLI(R) portfolio currently includes 69 apartment communities containing 26,958 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
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Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Fred Shapiro, Senior Vice President,
312-984-5039, or Allan J. Sweet, President, 312-984-2602, both of
AMLI Residential Properties Trust
