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| AMLI Residential Announces Stabilization of Two Apartment Communities |
ATLANTA, June 18 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has completed the initial lease-up and stabilization of AMLI at Barrett Walk in Kennesaw, Georgia and AMLI at Cambridge Square in Overland Park, Kansas. AMLI at Barrett Walk consists of 290 apartment homes set on almost 26 acres in the Barrett master planned community in northwest Cobb County, across from AMLI at Barrett Lakes on Barrett Lakes Blvd. The community is currently 95.6% leased and 93.0% occupied. The apartment homes average 936 square feet in size and have a current average rent of $818, or approximately $0.87 per square foot. AMLI is in the process of selling 20 live-work units developed as part of the original 310-unit community. AMLI owns a 25% interest in AMLI at Barrett Walk in joint venture with The Northwestern Mutual Life Insurance Company. Development costs totaled approximately $22 million. AMLI at Cambridge Square consists of 408 apartment homes set on a 21-acre site located at Interstate 435 and Nall Avenue. The community is currently 93.9% leased and 85.8% occupied. The apartment homes average 941 square feet in size and have a current average rent of $833, or approximately $0.88 per square foot. AMLI owns a 30% interest in AMLI at Cambridge Square in joint venture with The Northwestern Mutual Life Insurance Company. Development costs totaled approximately $32 million. "We are pleased to add two more high-quality communities to our stabilized portfolio," stated Allan Sweet, AMLI President. "Our partnership with Northwestern Mutual clearly added value to these developments, and we look forward to future partnership opportunities. We also want to commend our property management teams for their outstanding contribution to these lease-up efforts." The AMLI(R) portfolio currently includes 75 apartment communities containing 28,531 apartment homes, with an additional 1,817 apartment homes under development or in lease-up in five 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 Properties Trust
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CONTACT:
Philip N. Tague, Executive V.P. of AMLI
Residential Properties Trust, +1-770-281-3311
