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| AMLI Residential Announces Four Land Sales |
CHICAGO, July 20 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces that AMLI Residential Construction, an affiliate, closed four land sales during June. As anticipated, these sales generated almost $5 million in net cash flow in June and will provide an additional $3.9 million when a note receivable is collected later this year. "In the course of our business, AMLI acquires parcels of land for the development of luxury multifamily apartment communities," explained Philip N. Tague, AMLI Executive Vice President and Co-CEO. "From time to time, we have the opportunity to obtain a better land price by acquiring a larger parcel than we need and selling the surplus land for a profit. This was the case with these four land sales." AMLI sold approximately 38 acres in Noblesville, Indiana and still retains about 120 acres for the development of AMLI at Prairie Lakes, a multi-phase 1,328-unit apartment community that is in the planning stages. AMLI also sold two acres adjacent to AMLI at St. Charles, a 400-unit community under development and in initial lease-up in the western suburbs of Chicago. Additionally, the company sold two acres adjacent to AMLI at Park Bridge, a 352-unit community in Alpharetta, Georgia, also in initial lease-up. Lastly, AMLI sold 49 acres on Milton Parkway in Alpharetta, Georgia while simultaneously acquiring a land parcel on which it plans to develop approximately 450 new apartment homes starting later this year. "We are pleased to have in-house development expertise to execute this type of transaction for our shareholders," stated Mr. Tague. "In addition, this process allows us to be involved in determining the type of adjacent development that will be compatible with and enhance the value of our communities." The AMLI(R) portfolio currently includes 59 apartment communities containing 23,227 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 850 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 Properties Trust
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Allan J. Sweet, President, 312-984-2602, or
Robert J. Chapman, CFO, 312-984-6845, both of AMLI Residential
Properties Trust
