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| AMLI Residential Announces Stabilization of Indianapolis Community |
CHICAGO, June 19 /PRNewswire/ -- AMLI Residential (NYSE: AML) announces that it has completed the initial lease-up and stabilization of AMLI on Spring Mill in Indianapolis, Indiana. The community contains 400 apartment homes and is 95.0% leased and 93.5% occupied. The property was originally developed in a joint venture between The Prudential Insurance Company of America ("Prudential") and Trammell Crow Residential-Midwest ("TCR-Midwest"). As part of a transaction announced in December 1997, whereby AMLI agreed to acquire a portion of the assets and operations of TCR-Midwest, AMLI acquired TCR-Midwest's 1% general partnership interest in the joint venture in 1999. AMLI on Spring Mill is set on a 40-acre site located at Spring Mill Road and 146th Street in the exclusive suburb of Carmel. AMLI on Spring Mill contains 406,640 rentable square feet in 25 buildings, with 190 (47%) one- bedroom, 168 (42%) two-bedroom and 42 (11%) three-bedroom apartment homes. The apartment homes average 1,017 square feet in size and command an average rent of $882, or $0.87 per square foot. "Hamilton County, Indiana is one of the jewels of the Indianapolis area, with terrific employment bases, neighborhoods and services," said Jim Thomas, Senior Vice President of AMLI Residential's Indianapolis office. "We have worked to be a part of the Hamilton County community for well over a decade, but significant entitlement barriers prevented new apartment construction in this area. We're delighted to have worked through these challenges and be able to offer a top-flight product in AMLI on Spring Mill." AMLI's Indianapolis portfolio includes four communities containing 1,936 apartment homes, with an additional 492 apartment homes under development and in lease- up in two communities. The AMLI(R) portfolio currently includes 58 apartment communities containing 22,645 apartment homes, with an additional 3,734 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
back to topRelated links:
Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Jim Thomas, Senior V.P., 317-524-2503, or
Brian Cranor, Senior V.P., 317-524-2504, both of AMLI Residential
