AMLI expands apartment portfolio

Buys 3 communities outside Chicago

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AMLI Residential Properties Trust acquired three apartment communities totaling 824 units in the Chicago area. The purchases include AMLI at River Run (formerly The Preserve at River Run) in Naperville, Ill., and AMLI at Canterfield (formerly The Tradition at Canterfield) in West Dundee, Ill. Additionally, the company anticipates closing on the acquisition of a third Chicago community next quarter, AMLI at Kirkland Crossing in Aurora, Ill. AMLI will pay approximately $125 million for these three properties, which are being purchased from the same developer. AMLI at River Run is a 206-unit luxury apartment community set on approximately 18 acres. The community was completed in 2003 and contains 271,094 rentable square feet in 11 two- and three-story buildings with 8 (4 percent) one-bedroom, 126 (61 percent) two-bedroom and 72 (35 percent) three-bedroom apartment homes. The average size of the apartment homes is 1,316 square feet. The community offers numerous amenities including a s...