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| AMLI Residential Sells Atlanta Apartment Community |
CHICAGO, Oct. 5 /PRNewswire/ -- AMLI Residential (NYSE: AML) announces that last week it completed the scheduled sale of AMLI at Pleasant Hill in Atlanta, Georgia for approximately $39,200,000. AMLI at Pleasant Hill contains 502 apartment homes and was originally developed by AMLI in 1996 in a partnership between AMLI and Northwestern Mutual. AMLI received approximately $10,435,000 as its share of the net sales proceeds, which includes a return of its capital, a return on capital and an incentive fee. In addition, AMLI received a disposition fee. This transaction has contributed approximately $1,600,000 to AMLI's Funds From Operations in the third quarter ended September 30, 2000. AMLI will use the proceeds to fund ongoing acquisition and development activities. Allan Sweet, AMLI's President, stated, "AMLI at Pleasant Hill was the first community we developed in joint venture with an institutional partner, and since its initial lease-up, this community has exceeded our expectations." Mr. Sweet continued, "The sale of this community is consistent with the original investment strategy of both partners and is a good example of how our co-investment strategy benefits both our partners and shareholders. We remain focused on our long-term growth strategy of improving the overall quality of our portfolio by selectively selling properties and re-deploying the proceeds into new investment opportunities." Northwestern Mutual, the nation's leading provider of individual life insurance, has always received the highest possible ratings for financial strength from Standard & Poor's, Moody's, Fitch (formerly Duff & Phelps) and A.M. Best. Besides life insurance, the Company and its subsidiaries are also providers of annuities, mutual funds, long-term care insurance and disability income insurance. In its category, it was named the most admired company in the world in Fortune's latest corporate reputation survey. The Company is affiliated with the Northwestern Mutual Financial Networks and its 7,500 Financial Representatives who provide expert guidance on insurance, investment products and services, retirement and estate planning, education funding and employee benefits. Among Northwestern Mutual's majority-owned subsidiaries are The Frank Russell Company, the investment management and advisory firm, and Robert W. Baird and Co. Incorporated, the securities brokerage firm. The AMLI(R) portfolio currently includes 61 stabilized apartment communities containing 23,868 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:
Allan J. Sweet, President, 312-984-2602, or
Fred N. Shapiro, Senior V.P., 312-984-5039, both of AMLI
Residential
