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| AMLI Announces Acquisition of Partner's Interest in Chicago Apartment Community and Increase in Unsecured Line of Credit |
CHICAGO, Oct. 31 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces today that it has acquired the 90% partnership interest it did not already own in AMLI at Danada Farms from Ohio State Teacher's Retirement System ("OSTRS"). AMLI and OSTRS originally purchased the community in joint venture in February 1997. AMLI at Danada Farms is a 600-unit luxury apartment community set on over 34 acres located in Wheaton, Illinois, a western suburb of Chicago. The community was constructed in two phases in 1990 and 1991. AMLI at Danada Farms contains 521,500 square feet in 27 two- and three-story buildings, with 340 (57%) one-bedroom and 260 (43%) two-bedroom apartment homes. The apartment homes average 869 square feet in size. The community offers many amenities such as a resident activity clubhouse, two state-of-the-art fitness centers, two swimming pools, a sauna, a tennis court and two sand volleyball courts. "AMLI at Danada Farms is one of the premier suburban apartment communities in Chicago," commented Allan Sweet, AMLI President. "We are pleased to substantially increase our ownership in this asset." AMLI also announces that it has increased its primary unsecured line of credit from $200 million to $240 million. The terms of the financing remain unchanged. Wells Fargo Bank, N.A., a new member of the bank group, provided an additional $35 commitment; and SouthTrust Bank, an existing member of the bank group, increased its current commitment of $25 million by $5 million. "As a result of our recent investment activities, we decided to increase the availability under our corporate line of credit," stated Robert Chapman, AMLI CFO. "We appreciate the opportunity to expand our availability with SouthTrust and to initiate a new relationship with Wells Fargo." The AMLI(R) portfolio currently includes 73 apartment communities containing 27,905 apartment homes, with an additional 1,817 apartment homes under development or in lease-up in five locations. 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 850 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:
Fred Shapiro, SVP-Acquisitions,
+1-312-984-5039, or Robert J. Chapman, Chief Financial Officer,
+1-312-984-6845, both of AMLI Residential Properties Trust
