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| AMLI Residential Joint Venture Acquires Dallas Community |
CHICAGO, July 1 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it purchased AMLI at Bryan Place (formerly Jefferson at Bryan Place), a 420-unit luxury apartment community in Dallas, Texas. The community was acquired on June 28, 2002 in a joint venture with an existing institutional partner of AMLI's. The partnership is structured such that cash flow and sales proceeds will be shared 48% to AMLI Residential and 52% to its partner until certain benchmarks are achieved, at which point AMLI Residential will receive an increased portion of the residual interest. AMLI at Bryan Place is set on approximately 10 acres located along Texas, Allen and Liberty Streets, between San Jacinto and Live Oak Streets. Built in 1999, AMLI at Bryan Place contains 373,866 rentable square feet in one main four-story building cluster, 14 two- and three-story buildings, and six two- story townhomes. The community offers 244 (58%) one-bedroom, 142 (34%) two- bedroom and 34 (8%) three-bedroom apartment homes. The average size of the apartment homes is 890 square feet. The community offers numerous amenities including a resort-style swimming pool with heated spa, a state-of-the-art fitness center, a media center with theatre seating, a resident business center and a multilevel parking garage. "AMLI at Bryan Place is a great addition to our Dallas portfolio, which now contains over 8,300 apartment homes in 21 communities," stated Allan J. Sweet, AMLI President. "This urban apartment community is in a prime location, within easy walking distance of the Dallas Arts District and Dallas Central Business District." The AMLI(R) portfolio currently includes 73 apartment communities containing 28,352 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
