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| AMLI Residential Announces Completion and Stabilization of Community in Chicago |
CHICAGO, May 8 /PRNewswire/ -- AMLI Residential (NYSE: AML) announces that it has completed the construction, initial lease-up and stabilization of AMLI at Oakhurst North in Aurora, Illinois, a western suburb of Chicago. The community contains 464 apartment homes and is 97.6% leased and 95.5% occupied. AMLI at Oakhurst North is set on a 29-acre site located at the northwest quadrant of the intersection of Eola Road and Liberty Street within the prestigious Oakhurst North master planned residential community, an upscale single-family, apartment home and townhome community. AMLI at Oakhurst North contains 470,003 rentable square feet in 29 buildings, with 174 (38%) one-bedroom and 290 (62%) two-bedroom apartment homes, of which 203 are two stories. The apartment homes average 1,013 square feet in size and command an average rent of $1,122, or $1.10 per square foot. "This is the second apartment community that we have recently completed in the western suburbs," stated Stephen C. Ross, AMLI Executive Vice President. "We are very pleased to be developing in this high-growth corridor of the Chicago suburbs and to continue to grow our Chicago portfolio." AMLI's Chicago portfolio includes seven communities containing 2,848 apartment homes with an additional community of 400 apartment homes under development and in lease-up in St. Charles. The AMLI(R) portfolio currently includes 57 apartment communities containing 22,245 apartment homes, with an additional 3,834 apartment homes under development or in lease-up in 13 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.amli.com .SOURCE AMLI Residential
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Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Stephen C. Ross, Executive V.P. of AMLI
Residential, 312-984-5042
