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| AMLI Residential Sells Houston Community |
CHICAGO, Dec. 23 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has sold AMLI at Western Ridge in Houston, Texas. AMLI at Western Ridge, a 318-unit community, was built in 2000 and purchased by AMLI for $20.0 million in the same year. AMLI sold the community for approximately $24.6 million. AMLI at Western Ridge was previously encumbered as part of a secured financing pool. In connection with the sale, AMLI obtained release of the mortgage by substituting another wholly-owned community, AMLI at the Medical Center. "AMLI's view of Houston is less aggressive than some. We used this opportunity to reduce our exposure to this market and recognize a nice profit," stated Allan Sweet, AMLI President. "AMLI has sold five communities this year, all located in Texas and four of them in Houston. Each of these dispositions was consistent with our strategies of improving the overall quality of our portfolio and re-deploying the proceeds into new investment opportunities." The AMLI(R) portfolio currently includes 72 apartment communities containing 27,533 apartment homes, with an additional 2,541 apartment homes under development or in lease-up in seven 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 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 Residential Properties Trust
