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| AMLI Residential Sells Dallas Community and Uses Proceeds to Acquire New Dallas Community |
CHICAGO, Sept. 4 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has completed the sale of AMLI on Rosemeade in Dallas, Texas to a subsidiary of Alliance Holdings, LLC, a Chicago based private investor. AMLI on Rosemeade is a fourteen-year-old community containing 236 apartment homes and was originally acquired by AMLI in 1990. The sales proceeds have been used to fund the acquisition of AMLI at Shadow Ridge (formerly The Woodlands of Shadow Ridge), thus completing a tax-deferred third party exchange for Federal income tax purposes. AMLI at Shadow Ridge is a 222-unit luxury apartment community located in Flower Mound, Texas, a northwest suburb of Dallas. The community is set on approximately 14 acres on Lexington Avenue at Gerault. Built last year, AMLI at Shadow Ridge contains 218,309 rentable square feet in 19 two- and three- story buildings, with 111 (50%) one-bedroom, 88 (40%) two-bedroom and 23 (10%) three-bedroom apartment homes. Varied floorplans include 36 two-story townhomes with attached garages. The average size of the apartment homes is 983 square feet. The community offers numerous amenities including a resort- style swimming pool with heated spa, a state-of-the-art fitness center and a resident business center. "We are very pleased to add AMLI at Shadow Ridge to our Dallas portfolio," said Allan Sweet, AMLI President. "Flower Mound is a high barrier to entry submarket with the lowest ratio of rental units to single family homes in Texas. The high quality of this community, coupled with its great location, makes it a great fit for us." The AMLI(R) portfolio currently includes 70 apartment communities containing 26,826 apartment homes, including 19 communities containing 7,688 apartment homes in Dallas, and 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
