AML Amli Resident Prp Tr

ATLANTA, Dec. 2 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE:AML) announces that it has purchased AMLI at North Briarcliff (formerly Northbrook Apartment Homes) in Atlanta, Georgia and sold AMLI at Kings Harbor in Houston, Texas. AMLI at North Briarcliff (Phase I) is a 218-unit apartment community set on just over nine acres on Shallowford Road, immediately east of I-85. The first phase of the community was constructed in 2002 and contains a total of 204,173 rentable square feet in four three- and four-story buildings. AMLI at North Briarcliff currently consists of 25 (11%) studios, 109 (50%) one- bedroom, 78 (36%) two-bedroom and 6 (3%) three-bedroom apartment homes. The average size of the floor plans is 937 square feet. The purchase of Phase I was subject to an existing first mortgage loan with an outstanding balance of approximately $16.6 million. The loan has a remaining term of approximately 9-1/2 years at a fixed interest rate of 5.39%, amortizing over a 29 year schedule. The second phase of this community is under development and will be purchased by AMLI upon its completion, which is expected in the fourth quarter of 2006. Phase II will include 319 apartment homes set on approximately 11.7 acres. This phase will contain 298,237 square feet in four four- and five-story buildings. Phase II will consist of 30 (9%) studios, 155 (49%) one-bedroom and 134 (42%) two-bedroom apartment homes. The average size of the floor plans is 932 square feet. Upon completion of Phase II, the community will offer amenities that include three swimming pools, a state-of- the-art fitness center, a business and conference center, and structured parking. "This community fulfills our desire to increase our buying and building of more communities in urban locations close to mass transportation alternatives," commented Philip N. Tague, AMLI Executive Vice President. "However, AMLI at North Briarcliff does not feel overly urban with its ample green space and buildings lining the wooded banks of the North Fork of Peachtree Creek. We are fortunate to add this in-town community amidst the excellent subdivisions on both sides of Briarcliff Road and across I-85 from the renowned St. Pius X High School." AMLI at Kings Harbor contains 300 apartment homes and was developed by AMLI in 2001 in joint venture with New York State Common Retirement Fund. AMLI will use the proceeds from this disposition to fund ongoing acquisition and development activities. The AMLI(R) portfolio currently includes 75 apartment communities containing 28,274 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: Philip N. Tague, Executive V.P. of AMLI Residential Properties Trust, +1-770-281-3311 Web site: http://www.amli.com/

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