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| AMLI Residential Acquires Fort Worth Apartment Community |
CHICAGO, Nov. 4 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has purchased AMLI 7th Street Station (formerly the Gates of 7th Street Station) in Fort Worth, Texas. The 189-unit luxury apartment community is set on 7.8 acres on West Seventh Street, west of Henderson. Built in 2000, AMLI 7th Street Station contains 200,322 rentable square feet in five three-story buildings with 99 (52%) one-bedroom, 78 (41%) two-bedroom and 12 (6%) three-bedroom apartment homes. The average size of the apartment homes is 1,029 square feet. The community offers numerous amenities including a resort-style swimming pool with heated spa, a state-of-the-art fitness center, media center with theatre seating and a resident business center. "Our purchase of this community should be regarded in conjunction with our May 2002 purchase of AMLI Upper West Side," stated Allan Sweet, AMLI President. "We plan to run the two communities with a shared staff and marketing overlap that should produce significant economies of scale. As a unit, we believe these two acquisitions represent a solid investment in an improving urban location." The AMLI(R) portfolio currently includes 73 apartment communities containing 27,851 apartment homes, with an additional 2,541 apartment homes under development or in lease-up in seven locations. AMLI's Dallas/Fort Worth portfolio consists of 21 communities containing 7,901 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:
Mark Alfieri, Senior Vice President,
+1-972-265-6770, or Allan J. Sweet, President, +1-312-984-2602,
both of AMLI
