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| AMLI Residential Acquires Houston Apartment Community |
CHICAGO, Aug. 9 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has purchased AMLI at the Medical Center (formerly Augusta Apartment Homes), a 334-unit luxury apartment community located in Houston, Texas. This acquisition was funded with proceeds from a recent disposition, thus completing a tax-deferred third party exchange. AMLI at the Medical Center is set on approximately 14 acres, south of Spanish Trail on Almeda Road, near the Texas Medical Center. Construction of the community was completed last year. It contains 321,388 rentable square feet in 19 three-story buildings, with 172 (52%) one-bedroom, 144 (43%) two- bedroom and 182 (5%) three-bedroom apartment homes. The average size of the apartment homes is 962 square feet. The community offers numerous amenities including a resort-style swimming pool with heated spa, a state-of-the-art cardiovascular fitness center and a resident business center. Including this acquisition, AMLI's Houston portfolio consists of eight communities containing 2,505 apartment homes. "We are pleased to add another Inner Loop Houston community to our portfolio," said Allan Sweet, AMLI President. "AMLI at the Medical Center is a beautiful new community in a prestigious location adjacent to the Texas Medical Center. The Houston market continues to show improvement, especially in the Inner Loop locations." The AMLI(R) portfolio currently includes 70 apartment communities containing 26,840 apartment homes, 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 United States. 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 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:
Mark Alfieri, Vice President,
+1-972-265-6770, or Allan J. Sweet, President, +1-312-984-2602,
both of AMLI Residential Properties Trust
