AMLI Residential Announces Dallas Acquisition
May 11 2005 - 11:11AM
PR Newswire (US)
AMLI Residential Announces Dallas Acquisition ATLANTA, May 11
/PRNewswire-FirstCall/ -- AMLI Residential Properties Trust
(NYSE:AML) announces that it has purchased AMLI at Cityplace
(formerly The Quarters at Cityplace) in Dallas, Texas. AMLI at
Cityplace is a 244-unit mid-rise apartment community set on
approximately 4.9 acres. The community was originally constructed
in 2000 and contains a total of 248,572 rentable square feet with
150 (62%) one-bedroom and 76 (31%) two-bedroom apartment homes and
18 (7%) townhome style apartments. The average size of the
apartment homes is 1,019 square feet. The community offers numerous
amenities, including a resort-style swimming pool and heated spa,
multi-level state-of-the-art fitness center, high-tech media room,
cyber cafe, multi-level parking garage and remote access gates.
"AMLI at Cityplace is a beautiful apartment community in a great
infill location in the West Village and Uptown area of Dallas,"
commented Allan J. Sweet, AMLI President. "This acquisition
supports 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." The AMLI(R) portfolio currently includes
75 apartment communities containing 28,164 apartment homes, with an
additional 1,394 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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