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| AMLI Residential Breaks Ground on Indianapolis Apartment Community |
INDIANAPOLIS, Aug. 2 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces today that it has broken ground on AMLI at Carmel Center in Carmel, Indiana, an affluent northern suburb of Indianapolis. Upon completion, AMLI at Carmel Center will contain 322 apartment homes set on a 10-acre site within the Carmel City Center downtown master-planned redevelopment, which is located on 126th Street, approximately one block west of Range Line Road. The community, which will have a Georgian architectural style to blend with the city's nearby municipal buildings, will be comprised of approximately 345,570 rentable square feet in 17 two- and three-story buildings, as well as individual townhomes, and contain 142 (44%) one-bedroom, 152 (47%) two-bedroom and 28 (9%) three-bedroom floorplans. The apartment homes will average 1,074 square feet in size. The first apartment homes are expected to be available for occupancy in the second quarter of 2002 with stabilization scheduled for the third quarter of 2004. On-site community amenities will include a swimming pool, state-of-the-art fitness center with aerobics room, media center and resident business center. "We are pleased that AMLI was selected by the City of Carmel to develop this community as part of the city's redevelopment effort," stated Jim Thomas, AMLI Senior Vice President responsible for the community's development. "Carmel enjoys the metro area's highest incomes and preeminent office locations and has historically resisted apartment development. This offers us a unique infill development opportunity." The Carmel City Center redevelopment will contain approximately 180,000 square feet of retail and office space within walking distance of AMLI at Carmel Center. The location is also part of the Monon rails-to-trails recreational corridor, which offers outstanding recreational and cultural benefits. The AMLI(R) portfolio currently includes 69 apartment communities containing 26,506 apartment homes, including six communities containing 2,428 apartment homes in the Indianapolis area, with an additional 2,539 apartment homes under development or in lease-up in seven locations. AMLI Residential is focused on the development, acquisition and management of institutional quality multifamily communities in the Southeast, Southwest, Midwest and Mountain 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 http://www.amli.com .SOURCE AMLI Residential Properties Trust
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CONTACT:
Jim Thomas, Senior V.P., +1-317-524-2503, or
Allan Sweet, President, +1-312-984-2602, both of AMLI Residential
Properties Trust
