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| AMLI Residential Announces Joint Venture to Develop and Own Kansas City Apartment Community |
CHICAGO, Sept. 8 /PRNewswire/ -- AMLI Residential (NYSE: AML) announces today that it has entered into a joint venture with Northwestern Mutual Life Insurance Company to develop and own AMLI at Cambridge Square in Overland Park, Kansas. The joint venture is structured such that cash flow and sales proceeds will be shared 70% to Northwestern Mutual Life Insurance Company and 30% to AMLI Residential until certain benchmarks are achieved, at which point AMLI Residential will receive an increased portion of the cash flow and residual interest. AMLI at Cambridge Square will be comprised of 408 apartment homes set on a 21-acre site located at Interstate 435, Kansas City's primary beltway, and Nall Avenue. The site is located immediately across the interstate from the College Boulevard employment corridor and approximately two miles north of 3,000,000 square feet of new commercial development. AMLI recently commenced construction on this community, which will contain 384,128 rentable square feet in 16 buildings, with 162 (40%) one-bedroom, 218 (53%) two-bedroom and 28 (7%) apartment homes. The apartment homes will average 941 square feet in size. The first apartment homes are expected to be available for occupancy in the third quarter of 2001 with final construction and stabilization scheduled for the first quarter of 2003. "This is the fifth development co-investment joint venture we have formed with Northwestern Mutual, and the first community we will develop and own together outside of the Atlanta market," said Brian Cranor, Senior Vice President with AMLI. "We appreciate Northwestern Mutual's confidence in us as we mutually seek to expand our relationship." This transaction continues AMLI's declared strategy to selectively co-invest with institutional investors for the development, acquisition and management of Class A multifamily communities. By strategically leveraging the Company's equity through these alliances, AMLI believes the return on its investment will be significantly enhanced. AMLI will provide development, construction, leasing and property and asset management services for the community owned in this partnership. Based in Milwaukee, Northwestern Mutual Life is among the nation's ten largest life insurance companies, with assets of $78 billion. Nationwide, the company has $16 billion invested in real estate loans and equities and owns about 21,000 apartment units with 7,800 units under construction. The AMLI(R) portfolio currently includes 60 apartment communities containing 23,714 apartment homes, with an additional 4,358 apartment homes under development or in lease-up in 15 locations. AMLI Residential is focused on the development, acquisition and management of institutional quality multifamily communities in the Southeast, Southwest and Midwest areas 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 850 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 located at http://www.amli.com .SOURCE AMLI Residential Prop.
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Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Allan J. Sweet, President, 312-984-2602, or
Brian K. Cranor, Senior V.P., 317-524-2504, both of AMLI
Residential
