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| AMLI Residential Sells Two Austin Communities and Acquires Houston Community |
CHICAGO, Dec. 29 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has completed the sales of AMLI at the Arboretum and AMLI at Martha's Vineyard, both located in Austin, Texas. AMLI at the Arboretum, which contains 231 apartment homes, was built in 1983 and acquired by AMLI in 1986. AMLI at Martha's Vineyard, which contains 360 apartment homes, was built in 1986 and purchased by AMLI in 1992. AMLI realized proceeds from these sales of approximately $35 million, which AMLI will invest in the acquisition of two communities via tax-deferred exchanges. AMLI has acquired the first community, AMLI at Western Ridge (formerly Western Ridge) in Houston, Texas. AMLI at Western Ridge consists of 318 apartment homes set on 12.9 acres on Rogerdale Road, south of Westheimer and east of Beltway 8 in the Westchase area of Houston. Construction of the community was completed earlier this year. It contains 289,612 rentable square feet in 11 three-story buildings, with 180 (57%) one-bedroom, 118 (38%) two-bedroom and 16 (5%) three-bedroom apartment homes. The average size of the apartment homes is 929 square feet. The community offers numerous amenities including a resort-style swimming pool with heated spa, a state-of-the-art fitness center and a resident business center. AMLI anticipates acquiring the second community from the remaining sales proceeds next month. "AMLI has sold four communities this year. 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," stated Allan Sweet, AMLI President. "Selling into a strong Austin market allows us to exchange the current yield from two older properties into two new properties without any material dilution to our earnings, while creating the opportunity for greater long-term return on invested capital." The AMLI(R) portfolio currently includes 66 apartment communities containing 25,767 apartment homes, with an additional 2,845 apartment homes under development or in lease-up in eight 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 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
