AMLI Residential Announces Austin Community Stabilization and Permanent Financing

AUSTIN, Texas, Sept. 19  /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE:AML) announces the completion of initial lease-up and stabilization of AMLI Downtown in Austin, Texas, as well as the completion of mortgage financing for the community.

AMLI recently completed the initial lease-up and stabilization of AMLI Downtown, which is comprised of a seven-story building containing 220 apartment homes, as well as 45,000 square feet of ground floor retail and restaurant space, and 336 underground parking spaces. The building is located in the downtown central business district of Austin. The apartment community is currently 99% leased and 99% occupied. The apartment homes average 994 square feet in size. The retail portion of the development is currently 81% leased. AMLI Downtown is owned in joint venture with Capri Select Income, a private investment fund sponsored by Capri Capital Advisors LLC, a privately- held institutional real estate advisory firm headquartered in Chicago, Illinois.

Additionally, AMLI has closed on a $25 million first mortgage permanent loan on the residential portion of AMLI Downtown, with a term of 7 years. The interest rate on the loan is 5.25%, with payments based on interest only for the first two years and then based on amortization over a 30-year schedule thereafter.

The AMLI(R) portfolio currently includes 75 apartment communities containing 28,356 apartment homes, with an additional 827 apartment homes under development or in lease-up in three 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 850 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/ . 

DATASOURCE: AMLI Residential Properties Trust



CONTACT:  Taylor Bowen, Vice President, [phone], or Andrew J.

Bruce, Vice President, [phone], both for AMLI Residential Properties

Trust



Web site:  http://www.amli.com/ 

Copyright