AMLI grows portfolio in South

Buys apartment communities in Florida, Texas

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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 ent...