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| AMLI Residential Announces Stabilization of Community |
CHICAGO, Dec. 28 /PRNewswire/ -- AMLI Residential (NYSE: AML) announces that it has completed the initial lease-up and stabilization of AMLI at Summit Ridge in Lee's Summit, Missouri, a suburb of Kansas City. AMLI at Summit Ridge is comprised of 432 apartment homes set on a 23.6-acre site. AMLI at Summit Ridge is currently 95% leased and 94% occupied. The apartment homes average 952 square feet in size and have a current average rent of $785, or approximately $0.83 per square foot. Development costs totaled approximately $29 million. AMLI owns a 25% interest in the apartment community in joint venture with The Western and Southern Life Insurance Company and Eagle Realty Group. "We are pleased with the performance of our development and construction teams in completing this community," stated Jim Thomas, Senior Vice President. "We also want to commend our on-site property management team for their contribution to the lease-up effort. The addition of newly-constructed communities like this has kept the caliber of our portfolio high and its average age low, currently at about six years." The AMLI(R) portfolio currently includes 71 apartment communities containing 27,258 apartment homes, with an additional 2,937 apartment homes under development or in lease-up in eight 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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Jim Thomas, Senior V.P. of AMLI Residential,
+1-317-524-2503
