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| AMLI Residential Acquires Fort Worth, Texas Apartment Community |
CHICAGO, May 2 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has purchased AMLI Upper West Side (formerly Reserve Upper West Side) in Fort Worth, Texas. The community will be wholly owned and was purchased without debt. AMLI Upper West Side is a 194-unit luxury community set on approximately three acres adjacent to downtown Ft. Worth. Built in 2000, AMLI Upper West Side contains 175,958 square feet in seven buildings that create a square surrounding a four-story parking garage and pool cabana. The community offers 128 (66%) one-bedroom and 66 (34%) two-bedroom apartment homes that average 907 square feet in size. The community offers an array of amenities, which include a resort-style swimming pool with heated spa and plunge pool, a state- of-the-art fitness center and a resident business center. Including this acquisition, AMLI's Dallas/Ft. Worth portfolio consists of 20 communities containing 7,882 apartment homes. "This community is another great addition to our Dallas/Ft. Worth portfolio," commented Allan J. Sweet, AMLI President. "AMLI Upper West Side is in an urban location that attracts residents from several major employment centers including downtown Ft. Worth, the Ft. Worth hospital district and Lockheed Martin's Aeronautics Company, which was recently awarded the Joint Strike Fighter contract by the U.S. Department of Defense." The AMLI(R) portfolio currently includes 72 apartment communities containing 27,932 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,
+1-972-265-6770, or Allan J. Sweet, President, +1-312-984-2602,
both of AMLI Residential Properties Trust
