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| AMLI Residential Announces Joint Venture to Develop and Own Chicago Apartment Community |
CHICAGO, July 27 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces today that it has entered into a joint venture with the National Electrical Benefit Fund (NEBF) to develop and own AMLI at Seven Bridges in Woodridge, Illinois, a western suburb of Chicago. AMLI at Seven Bridges will be comprised of four mid-rise buildings containing 520 apartment homes. This new, 100% union-built apartment community will be located on approximately 13 acres in the 405-acre Seven Bridges master planned community, which is comprised of office, retail and entertainment components, as well as single-family homes, townhouses and an 18-hole golf course. AMLI at Seven Bridges will overlook the Seven Bridges golf course. AMLI plans to commence construction on the community within the next few weeks. A construction loan will be provided by a bank group lead by PNC Bank. "We are pleased to establish a new co-investment relationship with the NEBF," said Brian Cranor, AMLI Senior V.P. "We are looking forward to the success of AMLI at Seven Bridges and a long and mutually-rewarding relationship with the NEBF." "AMLI at Seven Bridges will be a solid addition to the NEBF real estate portfolio," said Jeremiah O'Connor, NEBF Trustee and Secretary-Treasurer of the IBEW. "In addition to being a prudent investment, the AMLI apartments will enhance the local community while providing construction jobs for our Participants." The NEBF is a $9.4 billion national pension fund servicing the Electrical Industry. The Washington D.C. based fund is a major investor in all types of real estate development projects across America. The NEBF is jointly sponsored by the International Brotherhood of Electrical Workers (IBEW) and the National Electrical Contractors Association (NECA). 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. AMLI will provide development, construction oversight, leasing and property and asset management services for AMLI at Seven Bridges. The AMLI(R) portfolio currently includes 71 apartment communities containing 27,146 apartment homes, with an additional 2,217 apartment homes under development or in lease-up in six locations. AMLI Residential 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 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. More information on AMLI is available at http://www.amli.com .SOURCE AMLI Residential
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CONTACT:
Allan J. Sweet, President, 312-984-2602, or
Brian K. Cranor, Senior V.P., 317-524-2504, both of AMLI
Residential
