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| AMLI Announces Agreement to Acquire Partner's Interests in Three Apartment Communities |
CHICAGO, Aug. 7 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces today that it has entered into an agreement in principle to acquire from Endowment Realty Investors II ("ERI"), a private REIT managed by Commonfund Realty, the interests it does not already own in three apartment communities. ERI owns a 75% interest in AMLI at Regent's Crest (476 units) and AMLI Creekside (224 units) in Overland Park, Kansas and a 60% interest in AMLI at Castle Creek (276 units) in Indianapolis, Indiana. AMLI will pay approximately $57 million for the ERI interests in the three luxury apartment communities. AMLI anticipates it will close on this purchase next week. However, there can be no assurance these acquisitions will be consummated on these or any other terms. "This acquisition represents a special opportunity to solve the divergent future interests of AMLI and one of our longstanding partners in a transaction we are able to source and execute on a negotiated basis," stated Allan J. Sweet, AMLI President. "Both parties benefit from the fact that AMLI is intimately familiar with the asset and able to move very quickly. AMLI will continue to work with all of its co-investment partners to evaluate partners' needs and identify mutually beneficial opportunities to create and enhance value for AMLI and its partners through negotiated transactions." The AMLI(R) portfolio currently includes 75 apartment communities containing 28,531 apartment homes, with an additional 1,817 apartment homes under development or in lease-up in five locations. AMLI 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 through AMLI's co-investment business. 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 Properties Trust
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CONTACT:
Allan J. Sweet, President of AMLI Residential
Properties Trust, +1-312-984-2602
