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| AMLI Residential Announces Joint Venture to Develop and Own Atlanta Apartment Community |
CHICAGO, Dec. 10 /PRNewswire/ -- AMLI Residential (NYSE: AML) announces today that it has entered into a joint venture with Northwestern Mutual to develop and own a new apartment community in the Kennesaw area of Atlanta, Georgia, close to the Town Center Mall. The new project will be near AMLI at Barrett Lakes, an existing apartment community, which was also developed and is owned in partnership with NML. The joint venture is structured such that cash flow and sales proceeds will be shared 75% to Northwestern Mutual and 25% to AMLI Residential until certain benchmarks are achieved, at which point AMLI will receive an increased portion of the cash flow and residual interest. The new community will include 310 luxury apartment homes set on almost 26 acres located in the Barrett master planned community in northwest Cobb County, across from AMLI at Barrett Lakes on Barrett Lakes Blvd. AMLI recently commenced construction of the project. It will contain over 321,000 rentable square feet in 15 buildings, with 160 (52%) one-bedroom and 130 (42%) two-bedroom apartment homes, as well as 20 (6%) townhome units. Some of the townhomes are zoned to accommodate commercial space below them. The apartment homes will average 1,035 square feet in size. The first apartment homes are expected to be available for occupancy in the fourth quarter of 2002 with final construction and stabilization scheduled for the fourth quarter of 2003. Community amenities will include a swimming pool, state-of-the-art fitness center, tennis courts, walking/jogging trail and resident business center. The total project cost is estimated to be approximately $23 million. "We are pleased to announce the formation of our seventh co-investment development joint venture with Northwestern Mutual," said Phil Tague, Executive Vice President and head of AMLI's development operations. "This new community in Barrett, with its townhome units, will be complementary to AMLI at Barrett Lakes. We plan to co-market the two communities as well as share some of the leasing and maintenance costs. As in the past, we appreciate the opportunity to be partners with Northwestern Mutual." This transaction continues AMLI's declared strategy to selectively co-invest with institutional investors for the development, acquisition and management of Class A multifamily apartment communities. By strategically leveraging the Company's equity through these alliances, AMLI believes the return on its investment will be significantly enhanced. AMLI will provide development, construction, leasing and property and asset management services for this new community. Based in Milwaukee, Northwestern Mutual is the nation's leading provider of individual life insurance. Nationwide, the company has over $19 billion invested in its real estate portfolio. For more information, visit http://www.northwesternmutualinvestments.com . The AMLI(R) portfolio currently includes 70 apartment communities containing 26,826 apartment homes, with an additional 3,369 apartment homes under development or in lease-up in nine locations. AMLI is focused on the development, acquisition and management of institutional quality multifamily communities in the Southeast, Southwest, Midwest and Mountain Regions 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 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
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CONTACT:
Philip N. Tague, Executive V.P.,
+1-770-281-3311, or Brian K. Cranor, Senior V.P.,
+1-317-524-2504, both of AMLI Residential
