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 swimming pool and spa, fitness center, resident business center, kids fun-n-study center, and attached and detached garages.
AMLI at Canterfield is a 352-unit luxury apartment community set on approximately 33.6 acres. The community was completed in 2001 and contains 430,982 rentable square feet in 18 two- and three-story buildings with 28 (8 percent) one-bedroom, 202 (57 percent) two-bedroom and 122 (35 percent) three-bedroom apartment homes. The average size of the apartment homes is 1,224 square feet. The community offers numerous amenities including a swimming pool and spa, fitness center, lighted tennis court, indoor half basketball court, resident business center, kids fun-n-study center, and attached and detached garages.
AMLI at Kirkland Crossing (currently the Preserve at Kirkland Crossing) is a brand new 266-unit community set on 19.2 acres. Due diligence is complete and AMLI anticipates a fourth quarter closing on the purchase of this community.
AMLI is focused on the development, acquisition and management of multifamily communities.
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