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| AMLI Residential Announces Stabilization and Permanent Financing for Atlanta Apartment Community |
ATLANTA, April 19 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has completed the initial lease-up and stabilization of AMLI at Mill Creek, as well as completed mortgage financing for the community. AMLI Residential recently completed the initial lease-up and stabilization of AMLI at Mill Creek in Gwinnett County, Georgia. The community is comprised of 400 apartment homes set on a 34-acre site. AMLI at Mill Creek is currently 97% leased and 95% occupied. The apartment homes average 1,016 square feet in size and have a current average rent of $882, or approximately $0.87 per square foot. AMLI owns a 25% interest in the apartment community in joint venture with Northwestern Mutual Life Insurance Company. Additionally, AMLI has closed on an $18 million first mortgage permanent loan for AMLI at Mill Creek. The interest rate on the loan is 6.4% with a loan term of 7 years and amortization over a 30-year schedule. AMLI's joint venture partner, Northwestern Mutual, provided the financing. Based in Milwaukee, Northwestern Mutual is the nation's leading provider of individual life insurance. Nationwide, the company has over $19 billion invested in it' real estate portfolio. For more information, visit http://www.northwesternmutualinvestments.com . The AMLI(R) portfolio currently includes 72 apartment communities containing 27,658 apartment homes, with an additional 2,537 apartment homes under development or in lease-up in seven locations. AMLI is focused on the development, acquisition and management of institutional quality multifamily communities in the Southeast, Southwest, Midwest and Mountain Regions 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 through AMLI's co-investment business. AMLI employs approximately 875 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.SOURCE AMLI Residential Properties Trust
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CONTACT:
Brian Cranor, Executive V.P.,
+1-317-524-2504, or Robert J. Chapman, CFO, +1-312-984-6845, both
of AMLI Residential Properties Trust
