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| AMLI Residential Enters Denver Market With Apartment Community Acquisition |
CHICAGO, Dec. 20 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has purchased AMLI at Lowry Estates (formerly Jefferson Estates at Lowry), a 414-unit luxury apartment community located in Denver, Colorado. The community was acquired in a joint venture with an existing institutional partner of AMLI's. The joint venture is structured such that cash flow and sales proceeds will be shared 50% to AMLI Residential and 50% to its partner until certain benchmarks are achieved, at which point AMLI Residential will receive an increased portion of the residual interest. Capri Capital, on behalf of FNMA, provided permanent loan financing for this acquisition. The interest rate on the loan is 7.12% with a loan term of seven years and amortization over a 30-year schedule. AMLI at Lowry Estates is set on over 18 acres in the affluent southwest neighborhood of the Lowry urban development neighborhood. Construction of the community was completed earlier this year. It contains 392,208 rentable square feet in 22 three-story buildings, with 200 (48%) one-bedroom, 180 (44%) two-bedroom and 34 (8%) three-bedroom apartment homes. The average size of the apartment homes is 947 square feet. The community offers numerous amenities including two resort-style swimming pools with heated spas, a state- of-the-art cardiovascular fitness center, a resident business center, a media room and an eight-hole putting green. "We are excited about entering the Denver market," said Allan Sweet, AMLI President. "AMLI at Lowry Estates is an upscale, luxury apartment community located in one of the premier urban re-developments in the country. Adding another market to our portfolio is consistent with our long-term business plan to diversify our earnings and to reduce AMLI's exposure to any one region. Aside from other considerations, we chose Denver because we like its long-term economic fundamentals and because we view the Mountain Region as a natural extension of our operations in the Midwest and Southwest. AMLI expects to acquire additional Denver communities in a reasonable time frame, allowing us to develop market recognition and achieve operating efficiencies. Over time, we will seek to broaden our presence through development." The AMLI(R) portfolio currently includes 62 apartment communities containing 24,282 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, Midwest and Mountain regions of the United States. 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. AMLI press releases and other company information are available at AMLI's web site located at http://www.amli.com .SOURCE AMLI Residential Properties Trust
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Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Mark Alfieri, Vice President, 972-381-2834,
or Allan J. Sweet, President, 312-984-2602, both of AMLI
Residential Properties Trust
