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| AMLI Residential Announces Stabilization of Two Communities |
CHICAGO, March 23 /PRNewswire/ -- AMLI Residential (NYSE: AML) announces that it has completed the initial lease-up and stabilization of AMLI at Park Bridge in Alpharetta, Georgia and AMLI at Castle Creek in Indianapolis, Indiana. AMLI at Park Bridge contains 352 apartment homes set on 35 acres located on Old Milton Parkway in north Fulton County. AMLI at Park Bridge is currently 95% leased and 94% occupied. The apartment homes average 1,012 square feet in size and have a current average rent of $1,010, or $0.99 per square foot. Development costs totaled approximately $25 million. AMLI owns a 25% interest in the apartment community in joint venture with a large public pension plan. AMLI at Castle Creek contains 276 apartment homes set on a 16-acre site located on the southeast corner of 91st Street and Allisonville Road. The community is 96% leased and 92% occupied. The apartment homes average 966 square feet in size and have a current average rent of $904, or $0.93 per square foot. Development costs totaled approximately $21 million. AMLI owns a 40% interest in the apartment community in joint venture with Endowment Realty Investors. "We are pleased to add two more high-quality communities to our stabilized portfolio," stated Allan Sweet, AMLI President. "The addition of newly-constructed communities like these has kept the caliber of our portfolio high and its average age low, currently at about six years." Mr. Sweet added, "The combination of development returns and fees from our co-investment partners makes this activity a key part of AMLI's growth story. Although our development activities will decrease somewhat this year as it is becoming increasingly difficult to find development opportunities, we still look forward to starting several new projects in co-investment partnerships in the coming months, consistent with our current guidance." The AMLI(R) portfolio currently includes 71 apartment communities containing 27,586 apartment homes, with an additional 2,217 apartment homes under development or in lease-up in six 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 875 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
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800-758-5804, ext. 121644
CONTACT:
Philip N. Tague, Executive V.P.,
770-281-3311, or Allan J. Sweet, President, 312-984-2602, both of
AMLI Residential
