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| AMLI Residential Sells Atlanta Community and Uses Proceeds to Acquire Communities in Austin, Texas and Gainesville, Ga. |
CHICAGO, Feb. 8 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has completed the sale of AMLI at Sope Creek in Atlanta, Georgia for $42,500,000. AMLI at Sope Creek contains 695 apartment homes and was developed by AMLI in phases in 1982, 1983 and 1995. The sales proceeds have been used to fund two acquisitions, which complete a deferred third party exchange for Federal income tax purposes. In addition, the company acquired AMLI at StoneHollow (formerly Jefferson at StoneHollow), a 606-unit luxury apartment community located in Austin, Texas. AMLI at StoneHollow is set on 36 acres located at the corner of Stonehollow Drive and Metric Boulevard in North Austin. The community was constructed in 1997. It contains 524,660 rentable square feet in 28 three- story stucco buildings, with 340 (56%) one-bedroom, 242 (40%) two-bedroom and 24 (4%) three-bedroom apartment homes. The average size of the apartment homes is 866 square feet. The community offers numerous amenities including three swimming pools, spa, sauna, indoor basketball court, state-of-the-art fitness center, media center, resident business center and library. "This acquisition enhances our presence in the Austin market," stated Allan Sweet, AMLI President. "By all accounts, Austin remains one of the strongest apartment markets in the country." AMLI's Austin portfolio includes six completed and stabilized communities containing 2,471 apartment homes, with an additional community under development and in lease-up containing 430 apartment homes. AMLI also acquired the 99% ownership interest in AMLI at Towne Creek it did not already own. AMLI at Towne Creek is a 150-unit apartment community located in Gainesville, Georgia. AMLI developed this community in 1989. The AMLI(R) portfolio currently includes 56 stabilized apartment communities containing 21,781 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,
or Allan J. Sweet, President, 312-984-2602, both of AMLI
Residential Properties Trust
