"Austin has one of the strongest apartment markets in the country and a core market in the AMLI portfolio," says Alan Sweet, president of AMLI Residential Properties Trust, one of two in the joint venture. "Employment growth, occupancy, and rent growth continue to exceed expectations." The acquisition takes AMLI's multi-family Austin holdings to about 3,380 units. Although the purchase price is not being disclosed, real estate sources say Dallas-based JPI, project developer, said earlier this year that it expected to recover about $40 million from the sale.

The joint venture consists of Chicago-based AMLI and BPMT, a European pension fund. Each reportedly has contributed about 50 percent of the equity to establish two acquisition funds. It is seeking to acquire $165 million in apartment complexes in AMLI's seven markets, including Austin. The team also has announced plans to secure another $260 million in real estate as soon as the first fund closes. Northwestern Mutual Life Insurance Co. is providing permanent loan financing for the acquisition, which marks the fifth property secured under the joint venture.

The 32-acre multi-family complex, completed earlier this year, has 433,053 rentable sf in 25 three-story buildings. There are 266 one-bedroom units; 203 two-bedroom apartments; and 18 three-bedroom residences. The average apartment size is 889 sf.