AMLI Residential Properties Trust has purchased AMLI at North Briarcliff (formerly Northbrook Apartment Homes) in Atlanta, Ga., and sold AMLI at Kings Harbor in Houston, Texas.
The value of the transactions was not disclosed.
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 studios, 109 one-bedroom, 78 two-bedroom and 6 three-bedroom apartment homes. The average size of the floor plans is 937 square feet.
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.
In Houston, 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 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.
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