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| AMLI Residential Announces Stabilization of Seven Recently Completed Apartment Communities |
CHICAGO, Dec. 26 /PRNewswire/ -- AMLI Residential (NYSE: AML) announces that it has completed the initial lease-up and stabilization of AMLI at St. Charles in Chicago, Illinois; AMLI Creekside, AMLI at Wynnewoood Farms and AMLI at Regents Crest-Phase II in Overland Park, Kansas; AMLI at Monterey Oaks in Austin, Texas; AMLI at Bent Tree-Phase II in Dallas, Texas; and AMLI at Lost Mountain in Atlanta. The seven communities/new phases contain 1,758 apartment homes and, in the aggregate, had development costs of approximately $142 million. "We are pleased with the performance of our development and construction group in completing these communities," stated Phil Tague, Executive Vice President in charge of AMLI's development operations. "We also want to commend our on-site property management teams for their contribution to each community's lease-up effort." Mr. Tague continued, "With the stabilization of these communities, the size of our development portfolio is smaller today than it was a year ago. We have gradually reduced our development activities through 2000, reflecting our view that it will be more difficult to achieve proper yields on cost for new developments in some of our markets. However, we still see selected opportunities and will add to our current development pipeline where we believe we can create shareholder value." AMLI at St. Charles contains 400 apartment homes set on a 26.5-acre site located at the southwest quadrant of the intersection of Kirk Road and Main Street (Route 64) in St. Charles, Illinois, a suburb approximately 40 miles west of downtown Chicago. The community is currently 93.0% leased and 92.3% occupied. The apartment homes average 979 square feet in size and have a current average rent of $1,114 or $1.14 per square foot. AMLI owns a 25% interest in the community with a large institutional investor. AMLI Creekside and AMLI at Regents Crest-Phase II are located in Overland Park, Kansas. AMLI Creekside contains 224 apartment homes set on a 24-acre site located just west of the southwest corner of 119th Street and Quivira Road. The community is currently 93.8% leased and 92.9% occupied. The apartment homes average 813 square feet in size and command an average rent of $775 or $0.95 per square foot. AMLI at Regents Crest-Phase II contains 108 apartment homes set on a 13-acre site located just west of the southwest corner of 119th Street and Quivira Road and adjacent to both AMLI at Regents Crest-Phase I, which contains 369 apartment homes, and AMLI Creekside. The new phase is currently 92.6% leased and 91.7% occupied. The apartment homes average 965 square feet in size and command an average rent of $829 or $0.86 per square foot. AMLI owns a 25% interest in both communities with Endowment Realty Investors ("ERI"), an investment unit of The Common Fund. AMLI at Wynnewood Farms contains 232 apartment homes set on a 17.5-acre site located at the northeast corner of 135th Street and Nall Avenue, also in Overland Park, Kansas. The community is currently 89.7% leased and 88.4% occupied. The apartment homes average 1,015 square feet in size and have an average rent of $947 or $0.93 per square foot. AMLI owns a 25% interest in the community with a large institutional investor. AMLI at Monterey Oaks consists of 430 apartment homes set on a 26.3-acre site located at the southeast corner of Monterey Oaks Boulevard and Brush Country Road in Austin, Texas. The community is currently 94.9% leased and 94.0% occupied. The apartment homes average 954 square feet in size and command an average rent of $966 or $1.01 per square foot. AMLI owns a 25% interest in the community with a large institutional investor. AMLI at Bent Tree-Phase II contains 200 apartment homes set on a 10.2-acre site located in the North Dallas submarket, one block off of Trinity Mills at Vail and Accent Drive, adjacent to Phase I of AMLI at Bent Tree, which contains 266 apartment homes. The new phase is currently 93.5% leased and 92.5% occupied. The apartment homes average 995 square feet in size and command an average rent of $866 or $0.87 per square foot. Both phases of the community are wholly-owned by AMLI. AMLI at Lost Mountain is comprised of 164 apartment homes set on a 17.3-acre site located at Macland Road and GA Highway 120 in Paulding County, Georgia. The community is currently 99.4% leased and 90.2% occupied. The apartment homes average 958 square feet in size and command an average rent of $734 or $0.77 per square foot. AMLI owns a 75% interest in the community with a private investor. The AMLI(R) portfolio currently includes 67 apartment communities containing 26,040 apartment homes, with an additional 2,384 apartment homes under development or in lease-up in seven 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 U.S. AMLI Residential also serves as institutional advisor and asset manager for large pension funds, tax-exempt foundations and other financial institutions with respect to their multifamily investment activities. 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
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Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Philip N. Tague, Executive V.P. of AMLI
Residential, 770-281-3311
