AML Amli Resident Prp Tr

ATLANTA, Oct. 12 /PRNewswire-FirstCall/ -- AMLI Residential (NYSE:AML) announces today that it has entered into a joint venture with The Northwestern Mutual Life Insurance Company ("Northwestern Mutual") to develop and own AMLI Perimeter Gardens in the Dunwoody neighborhood of northeast Atlanta, Georgia. The joint venture is structured such that cash flow and sales proceeds will be shared 75% to Northwestern Mutual and 25% to AMLI Residential until certain benchmarks are achieved, at which point AMLI will receive an increased portion of the cash flow and residual interest. AMLI Perimeter Gardens is currently being developed on five acres at the intersection of Shallowford Road and Dunwoody Park. 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. "We are pleased to announce the formation of our ninth development joint venture with Northwestern Mutual," said Phil Tague, Executive Vice President, "and the seventh in Atlanta. AMLI Perimeter Gardens will give AMLI the opportunity to market its great customer service and a menu of desirable housing choices to people who work in the Perimeter Center office market. In particular, we think that our Perimeter Center customers will respond positively to our urban loft units that will constitute a portion of the available floor plans." This transaction continues AMLI's declared strategy to selectively co- invest with institutional investors for the development, acquisition and management of Class A multifamily apartment communities. By strategically leveraging the Company's equity through these alliances, AMLI believes the return on its investment will be significantly enhanced. AMLI will provide development, construction, leasing and property and asset management services for this new community. Based in Milwaukee, Northwestern Mutual is the nation's leading provider of individual life insurance. Nationwide, the company has over $21 billion invested in its real estate portfolio. For more information, visit http://www.northwesternmutualinvestments.com/ . 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 CONTACT: Phil Tague, Executive V.P. of AMLI, +1-770-281-3311 Web site: http://www.amli.com/ http://www.northwesternmutualinvestments.com/

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