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| AMLI Residential Announces Stabilization of Atlanta Apartment Community |
ATLANTA, Oct. 17 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has completed the initial lease-up and stabilization of AMLI at Kedron Village in Peachtree City, Georgia. The community is currently 91% leased and 90% occupied. AMLI at Kedron Village consists of 216 apartment homes set on a 22-acre site in close proximity to the 312-unit AMLI at Peachtree City, which AMLI developed in 1998. The apartment homes average 1,166 square feet in size and have a current average rent of $1,108, or approximately $0.95 per square foot. AMLI owns a 20% interest in AMLI at Kedron Village in joint venture with Prudential Real Estate Investors. Development costs totaled approximately $20.2 million. "AMLI at Kedron Village, with 36 luxury townhomes and a large average unit size, complements well our AMLI at Peachtree City community. Both are located in an affluent area of Atlanta that resists multifamily uses," stated Philip Tague, Executive Vice President. "We are very happy to own this community and we want to commend our on-site property management team for their contributions to the lease-up effort in a difficult market." The AMLI(R) portfolio currently includes 72 apartment communities containing 27,662 apartment homes, with an additional 2,541 apartment homes under development or in lease-up in seven locations. AMLI's Atlanta portfolio consists of 17 communities containing 6,253 apartment homes and two additional communities under development containing 771 apartment homes AMLI is focused on the development, acquisition and management of institutional quality multifamily communities in the Southeast, Southwest, Midwest and Mountain regions 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 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. More information on AMLI is available at http://www.amli.com .SOURCE AMLI Residential Properties Trust
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CONTACT:
Philip N. Tague, Executive V.P. of AMLI
Residential Properties Trust, +1-770-281-3311
