AMLI Residential Properties Trust completed three transactions totaling 2,082 apartment units across Georgia, Florida and Texas.
The total value of the transactions was not disclosed.
The company sold AMLI at Spring Creek in Atlanta, Ga., and purchased, via tax-deferred exchanges, AMLI at Ibis in West Palm Beach, Fla., and AMLI on Eldridge Parkway in Houston, Texas.
AMLI at Ibis is a 234-unit luxury apartment community set on 14.9 acres adjacent to the Ibis Country Club in West Palm Beach. The community was built in 2001 and contains 280,954 rentable square feet in 13 three-story buildings with 36 (15 percent) one-bedroom, 128 (55 percent) two- bedroom and 70 (30 percent) three-bedroom apartment homes. The average size of the apartment homes is 1,201 square feet. The community offers numerous amenities, including a resort-style swimming pool and spa, 24-hour fitness center, resident business center and controlled access entry. This acquisition represents AMLI’s entry into the southeast Florida market.
AMLI on Eldridge Parkway (formerly The Lodge on the Parkway) consists of 668 apartment homes set on 27.2 acres in the Memorial/Briar Forest section of Houston. Built in two phases in 1998 and 1999, the community contains 590,632 square feet in 26 three-story contemporary buildings with 408 (61 percent) one-bedroom, 232 (35 percent) two-bedroom and 28 (4 percent) three-bedroom apartment homes. The average size of the apartment homes is 884 square feet. Extensive community amenities include two resort-style swimming pools, 24-hour fitness center, racquetball court, cinema room, resident business center and controlled access entry.
AMLI at Spring Creek contains 1,180 apartment homes and was developed by AMLI in phases from 1985 to 1989.
AMLI is focused on the development, acquisition and management of institutional quality multifamily communities nationwide.
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