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| AMLI Residential Announces Stabilization of Indianapolis Community |
CHICAGO, Sept. 18 /PRNewswire/ -- AMLI Residential (NYSE: AML) announces that it has completed the initial lease-up and stabilization of AMLI at Lake Clearwater in Indianapolis, Indiana. The community contains 216 apartment homes and is 96.2% leased and 94.9% occupied. AMLI owns a 25% interest in the apartment community in joint venture with a large public pension plan. AMLI at Lake Clearwater is set on a 10.5-acre site located on the north side of 82nd Street, immediately east of White River. The community contains 216 apartment homes with 215,888 rentable square feet in 11 buildings, with 106 (49%) one-bedroom and 110 (51%) two-bedroom apartment homes. The apartment homes average 1,000 square feet in size and command an average rent of $913 or $.91 per square foot. "Our strategy includes developing high quality infill apartment sites," stated Jim Thomas, Senior Vice President of AMLI. "AMLI at Lake Clearwater is a terrific example of this strategy. The community is located across the White River from the Keystone at the Crossing office and retail center and is less than a block's walk to dining, movies and shopping. This is exactly the combination of services and housing that AMLI continues to pursue in its core markets." AMLI's Indianapolis portfolio includes five communities containing 2,152 apartment homes, with an additional 276 apartment homes under development and in lease-up. The AMLI(R) portfolio currently includes 62 apartment communities containing 24,370 apartment homes, with an additional 4,142 apartment homes under development or in lease-up in 14 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
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Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Jim Thomas, Senior V.P., 317-524-2503, or
Allan J. Sweet, President, 312-984-2602, both of AMLI Residential
