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| AMLI Residential Sells Two Apartment Communities |
CHICAGO, July 31 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has completed the sale of AMLI at Willowbrook in Willowbrook, Illinois, a western suburb of Chicago, and AMLI at Alvamar in Lawrence, Kansas. AMLI at Willowbrook was sold for over $58,000,000 to another public real estate investment trust. The community contains 488 apartment homes and was originally acquired by AMLI in 1996 in a partnership with Allstate Insurance Company. AMLI received approximately $15,300,000 as its 40% share of the net sales proceeds, which includes a return of its capital, a return on capital and an incentive fee. In addition, AMLI received a disposition fee. AMLI will use the proceeds to fund ongoing acquisition and development activities. This transaction will contribute approximately $2,000,000 in fee income to AMLI's Funds From Operations in the third quarter ended September 30, 2001. "The sale of this fourteen year old community is consistent with the original investment strategy of both partners," noted Allan Sweet, AMLI President. "We are very pleased with the lifecycle of this transaction and the return it generated for our partner, AMLI and our shareholders." AMLI at Alvamar was a wholly-owned community and was sold for approximately $8,900,000 to a local real estate company. The 152-unit community was built in 1989 and acquired by AMLI in 1994. AMLI will use the proceeds to fund ongoing acquisition and development activity. The AMLI(R) portfolio currently includes 69 stabilized apartment communities containing 26,506 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, Mountain and Midwest 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 with respect to their multifamily investment activities. AMLI employs approximately 875 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 at http://www.amli.com .SOURCE AMLI Residential Properties Trust
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CONTACT:
Allan J. Sweet, President, +1-312-984-2602 or
Fred N. Shapiro, Senior V.P., +1-312-984-5039, both of AMLI
Residential Properties Trust
