AMLI Residential Announces Austin Community Stabilization and Permanent Financing
19 September 2005 - 4:43PM
PR Newswire (US)
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,
+1-972-265-6726, or Andrew J. Bruce, Vice President,
+1-972-265-6724, both for AMLI Residential Properties Trust Web
site: http://www.amli.com/
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