CHICAGO, Aug. 23 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust announces that it has acquired AMLI at Westcliff (formerly the Retreat at Westcliff) in Westminster, Colorado and has sold AMLI at Nantucket and AMLI on Timberglen, both in Dallas, Texas.
AMLI at Westcliff is a 372-unit luxury apartment community set on approximately 26.5 acres located on Westcliff Parkway, just west of Highway 36 and South of Church Ranch Blvd. The community was completed in 2003 and contains 372,220 rentable square feet in 20 two- and three-story buildings with 232 (63%) one-bedroom, 124 (33%) two-bedroom and 16 (4%) three-bedroom apartment homes. The average size of the apartment homes is 1,001 square feet. The community offers numerous amenities including a resort-style swimming pool, state-of-the-art fitness center, two sand volleyball courts, resident business center and attached and detached garages.
AMLI at Nantucket contains 312 apartment homes and was built in 1986 and owned by AMLI since its initial public offering (IPO) in 1994. AMLI achieved an un-levered internal rate of return(1) on its investment in AMLI at Nantucket of approximately 15.2%.
AMLI on Timberglen contains 260 apartment homes and was built in 1985 and owned by AMLI since its IPO. AMLI achieved an un-levered internal rate of return(1) on its investment in AMLI on Timberglen of approximately 10.3%. AMLI will use the proceeds from both acquisitions to fund ongoing acquisition and development activities.
"AMLI at Westcliff is a great addition to our Denver portfolio," commented Allan J. Sweet, AMLI President. "This new community is situated in a superb location between Denver's business district and Boulder County. We continue to look for investment opportunities such as this to increase our presence in Denver. Furthermore, these transactions illustrate our strategy of selling older assets and re-deploying the proceeds into newer ones, thereby improving the overall quality of our portfolio."
The AMLI(R) portfolio currently includes 72 apartment communities containing 26,920 apartment homes, with an additional 1,854 apartment homes under development or in lease-up in five 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/ .
(1) The principal components of the methodology used to calculate the internal rate of return noted above are as follows: (i) all reported numbers are based on "free and clear," un-levered results; (ii) no acquisition, disposition or asset management fees, or any cash flow preference or promoted interests earned by AMLI from a joint venture are included in the calculation; (iii) property operations are adjusted, if required, to reflect a property management fee of 3.0% of total property revenues; and (iv) the cost of a co-investment development community includes development fees incurred by the joint venture.
AMLI Residential Properties Trust
AMLI at Westcliff is a 372-unit luxury apartment community set on approximately 26.5 acres located on Westcliff Parkway, just west of Highway 36 and South of Church Ranch Blvd. The community was completed in 2003 and contains 372,220 rentable square feet in 20 two- and three-story buildings with 232 (63%) one-bedroom, 124 (33%) two-bedroom and 16 (4%) three-bedroom apartment homes. The average size of the apartment homes is 1,001 square feet. The community offers numerous amenities including a resort-style swimming pool, state-of-the-art fitness center, two sand volleyball courts, resident business center and attached and detached garages.
AMLI at Nantucket contains 312 apartment homes and was built in 1986 and owned by AMLI since its initial public offering (IPO) in 1994. AMLI achieved an un-levered internal rate of return(1) on its investment in AMLI at Nantucket of approximately 15.2%.
AMLI on Timberglen contains 260 apartment homes and was built in 1985 and owned by AMLI since its IPO. AMLI achieved an un-levered internal rate of return(1) on its investment in AMLI on Timberglen of approximately 10.3%. AMLI will use the proceeds from both acquisitions to fund ongoing acquisition and development activities.
"AMLI at Westcliff is a great addition to our Denver portfolio," commented Allan J. Sweet, AMLI President. "This new community is situated in a superb location between Denver's business district and Boulder County. We continue to look for investment opportunities such as this to increase our presence in Denver. Furthermore, these transactions illustrate our strategy of selling older assets and re-deploying the proceeds into newer ones, thereby improving the overall quality of our portfolio."
The AMLI(R) portfolio currently includes 72 apartment communities containing 26,920 apartment homes, with an additional 1,854 apartment homes under development or in lease-up in five 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/ .
(1) The principal components of the methodology used to calculate the internal rate of return noted above are as follows: (i) all reported numbers are based on "free and clear," un-levered results; (ii) no acquisition, disposition or asset management fees, or any cash flow preference or promoted interests earned by AMLI from a joint venture are included in the calculation; (iii) property operations are adjusted, if required, to reflect a property management fee of 3.0% of total property revenues; and (iv) the cost of a co-investment development community includes development fees incurred by the joint venture.
AMLI Residential Properties Trust
© 2004 PR Newswire