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| AMLI Residential Acquires Denver Community and Sells Two Houston Communities |
CHICAGO, April 26 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has purchased AMLI at Park Meadows in Denver, Colorado in joint venture with the Mercantile-Safe Deposit and Trust Company as trustee for the AFL-CIO Building Investment Trust (BIT). Additionally, AMLI sold AMLI at Champions Park and AMLI at Champions Centre in Houston, Texas. AMLI at Park Meadows (formerly the Estates at Park Meadows) is a 518-unit luxury apartment community located in Littleton, Colorado. The community was acquired in a joint venture which is structured such that cash flow and sales proceeds will be shared 25% to AMLI Residential and 75% to the AFL-CIO Building Investment Trust until certain benchmarks are achieved, at which point AMLI Residential will receive an increased portion of the residual interest. Freddie Mac, through GMAC Commercial Mortgage Corp., a member of Freddie Mac's Program Plus(R) lender network, provided a 50% permanent loan for this acquisition. The interest rate on the loan is 6.25% and provides for interest only payments for a loan term of seven years. The community is set on approximately 33 acres located 1/2 mile southwest of the intersection of I- 25 and E-470. Built last year, AMLI at Park Meadows contains 532,996 rentable square feet in 32 two- and three-story buildings, with 248 (48%) one-bedroom, 228 (44%) two-bedroom and 42 (8%) three-bedroom apartment homes. The average size of the apartment homes is 1,029 square feet. The community offers numerous amenities including a resort-style swimming pool with heated spa, a state-of-the-art fitness center with moving climbing wall, and indoor gymnasium, a putting green, media center with theatre seating and a resident business center. AMLI also completed the sales of two Houston, Texas communities in which the Company had a 15% ownership interest, AMLI at Champions Park and AMLI at Champions Centre. AMLI at Champions Park, which contains 246 apartment homes, was built in 1991 and acquired by AMLI in 1994. AMLI at Champions Centre, which contains 192 apartment homes, was built in 1994 and purchased by AMLI in 1994. AMLI received disposition fees totaling $239,000, in addition to its proportionate share of net sale proceeds. "We are pleased to add another Denver acquisition to our portfolio," stated Allan Sweet, AMLI President. "Increasing our presence in Denver has been a goal of ours. In addition, this purchase fits perfectly with our contrarian investment strategy as we acknowledge the current weakness of the Denver apartment market. We are also very pleased to welcome the AFL-CIO Building Investment Trust as a new partner. " Mr. Sweet continued, "The Houston dispositions are consistent with our strategy of selling older assets to improve the overall quality of our portfolio and re-deploying the proceeds into new investment opportunities." The BIT was founded as a vehicle for Taft-Hartley and public pension plans to invest in a diversified real estate portfolio while also serving as an important source of capital for developers. Over the past thirty years the AFL-CIO investment program has built a solid reputation for prudent and sound performance. Originally targeted exclusively to housing, the program was expanded to include commercial real estate in 1988 with the establishment of the BIT. Unique characteristics of the Trust make it particularly attractive to both investors and developers. Information on the BIT is available at http://www.merctrust.com/bit . The AMLI(R) portfolio currently includes 71 apartment communities containing 27,738 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:
Mark Alfieri, Senior Vice President,
+1-972-381-2834, or Allan J. Sweet, President, +1-312-984-2602,
both of AMLI Residential Properties Trust
