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| AMLI Residential Announces Joint Venture to Develop and Own Chicago Apartment Community |
CHICAGO, June 10 /PRNewswire-FirstCall/ -- AMLI Residential (NYSE: AML) announces today that it has entered into a joint venture with The Northwestern Mutual Life Insurance Company ("Northwestern Mutual") to develop and own AMLI at Museum Gardens in Vernon Hills, Illinois. This new apartment community is located in southern Lake County, approximately 40 miles north of downtown Chicago. AMLI at Museum Gardens will be a premier mid-rise community comprised of 294 apartment homes set on almost 17 acres in Gregg's Landing, a master planned residential community. Gregg's Landing consists of 2,200 residences on 1,100 acres made up of custom estate homes, single-family homes, townhomes and AMLI at Museum Gardens, and includes a championship golf course, two existing lakes, and the historic Cuneo Museum and Gardens. The property is located on Milwaukee Avenue, north of Route 60, immediately south of the Cuneo Museum and Gardens and in close proximity to Westfield Shoppingtown Hawthorn Mall. AMLI at Museum Gardens will contain approximately 328,000 rentable square feet in three, seven-story buildings, with 42 (14%) one-bedroom, 150 (51%) one bedroom with home office, 72 (25%) two-bedroom and 30 (10%) three-bedroom apartment homes. The apartment homes will average 1,117 square feet in size. AMLI has commenced construction on the community and the first apartment homes are expected to be available for occupancy in the third quarter of 2004 with stabilization scheduled for the first quarter of 2006. The architecture, land plan and landscaping design will be reminiscent of the Cuneo Museum and its gardens. Community amenities will include an outdoor swimming pool, formal gardens and scenic walking paths. The community clubhouse will contain an aerobics/weight training studio, resident media center and executive business center. Residents will have the opportunity to conveniently park in an enclosed heated garage on the first level of each building or in detached garages. "We are pleased to announce the formation of our eighth co-investment development joint venture with Northwestern Mutual," said Stephen Ross, Executive Vice President. "AMLI at Museum Gardens is our first joint venture with Northwestern Mutual in the Chicago region, and we once again appreciate the opportunity to have them as a partner." This transaction continues AMLI's declared strategy to selectively co- invest with institutional investors for the development, acquisition and management of Class A multifamily apartment communities. By strategically leveraging the Company's equity through these alliances, AMLI believes the return on its investment will be significantly enhanced. AMLI will provide development, construction, leasing and property and asset management services for this new community. Based in Milwaukee, Northwestern Mutual is the nation's leading provider of individual life insurance. Nationwide, the company has over $19 billion invested in its real estate portfolio. For more information, visit http://www.northwesternmutualinvestments.com . The AMLI(R) portfolio currently includes 73 apartment communities containing 27,833 apartment homes, with an additional 2,535 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 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 850 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
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CONTACT:
Stephen Ross, Executive V.P.,
+1-312-984-5042, or Brian K. Cranor, Executive V.P.,
+1-317-524-2504, both of AMLI Residential
