AML Amli Resident Prp Tr

AMLI Residential Announces Portfolio Activity CHICAGO, July 8 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE:AML) announces that it has purchased AMLI Memorial Heights (formerly The Quarters at Memorial) in Houston, Texas. This acquisition was funded in part from the July 1, 2005 sale of AMLI at Poplar Creek. The company also announces second quarter portfolio activity as follows: the sales of AMLI at Walnut Creek and AMLI at Fox Valley; the groundbreaking of AMLI at Perimeter Gardens and AMLI Clear Creek; and the stabilization of AMLI at Seven Bridges. Acquisition AMLI Memorial Heights is a 380-unit apartment community set on approximately ten acres at the corner of Memorial and Studemont, one mile west of Downtown Houston and one mile east of Memorial Park. The community was constructed in 2002 and contains a total of 453,968 rentable square feet in 24 four-story buildings. AMLI Memorial Heights consists of 104 (27%) one-bedroom, 132 (35%) two-bedroom and 16 (4%) three-bedroom apartment homes, as well as 72 (19%) one-bedroom lofts and 56 (15%) two- and three-bedroom townhomes. The average size of the floor plans is 1,195 square feet. The community offers numerous amenities, including a resort-style swimming pool and heated spa, cabana, state-of-the-art fitness center, billiards and game room, and parking garages. Dispositions AMLI at Poplar Creek (Schaumburg, Illinois) contains 196 apartment homes and was purchased by AMLI in 1997. AMLI at Fox Valley (Aurora, Illinois) contains 272 apartment homes and was developed by AMLI in 1998 in joint venture with New York State Common Retirement Fund. AMLI at Walnut Creek (Austin, Texas) contains 460 apartment homes and was developed by AMLI last year. "The AMLI at Poplar Creek sale and AMLI Memorial Heights purchase support AMLI's declared 'B to A' strategy to continually upgrade our portfolio by re-deploying the proceeds from the sales of older assets into newer ones," commented Allan J. Sweet, AMLI President. "AMLI at Walnut Creek was a development community that was earmarked for sale as soon as it was completed and stabilized. We anticipate the immediate sale of several more development communities in the future." Development Activities AMLI at Perimeter Gardens will be built on five acres at the intersection of Shallowford Road and Dunwoody Club Drive in the Dunwoody neighborhood of northeast Atlanta, Georgia. The 245-unit community will contain 234,869 rentable square feet consisting of 155 (63%) one-bedroom and 90 (37%) two- bedroom apartment homes. The apartments will average 956 square feet in size. The first apartment homes are expected to be available for occupancy in second quarter 2006, and stabilization is expected in second quarter 2007. Community amenities will include two courtyards, each with a pool, as well as a fitness center, business and conference center, grilling area, parking deck and two elevators. AMLI Clear Creek will be located on 20 acres at the corner of 135th Street and Quivira in Overland Park, Kansas. The community will include 288 apartment homes in eleven three- and four-story buildings. AMLI Clear Creek will contain 268,216 rentable square feet, consisting of 138 (48%) one-bedroom, 126 (44%) two-bedroom, and 24 (8%) three-bedroom apartment homes. The apartments will average 931 square feet in size. The first apartment homes are expected to be available for occupancy in second quarter 2006, and stabilization is expected in third quarter 2007. Community amenities will include a resort-style pool and sundeck, fitness center with yoga/stretching area, business center, wireless internet throughout clubhouse, resident club room with plasma TVs, surround sound, bar area, shuffleboard and Golden Tee, grilling area, sand volleyball, and car care center. "When completed, these two new developments will be welcome and complementary additions to our portfolio of well-located, Class A communities," stated Philip N. Tague, AMLI Executive Vice President. "Both projects are located in neighborhoods with high median housing costs." AMLI at Seven Bridges is located in Woodridge, Illinois, a western suburb of Chicago. The community is comprised of 520 apartment homes set on approximately 13 acres in the 405-acre Seven Bridges master planned community. The apartment homes average 933 square feet in size. AMLI at Seven Bridges is currently 97% leased and 93% occupied. The community is owned in joint venture with the National Electrical Benefit Fund (NEBF). The AMLI(R) portfolio currently includes 74 apartment communities containing 28,136 apartment homes, with an additional 1,047 apartment homes under development or in lease-up in four 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: Allan J. Sweet, President, +1-312-984-2602, or Mark Alfieri, Senior Vice President, +1-972-265-6770, both of AMLI Residential Properties Trust Web site: http://www.amli.com/

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