Just two weeks after the purchase of the 318-unit AMLI at Western Ridge and sale of two Austin complexes to help fuel the buying spree, AMLI has announced the purchase of the 380-unit AMLI at Towne Square, better known around town at West Dallas Place, situated along Rogerdale Road in the Westchase area. Now that the word's out, truth is both Houston complexes had been bought on the same day, Marc Alfiere, AMLI vice president, tells GlobeSt.com.

"We think that Houston is a depressed market. It's overbuilt, but there's some strong buying opportunities there," Alfiere confides. The good news is that AMLI is confident that the "market will firm up in the long term" as permits and the number of units being delivered grinds to a near halt, he says.

The buy is the third in Houston for the joint venture, which had acquired the AMLI Midtown in recent weeks as well. The joint venture is looking to acquire $260 million of institutional quality multifamily communities in AMLI's existing markets. Capri Capital has provided the permanent loan financing for the AMLI Towne Square purchase. The loan has been secured at 6.7% interest on a seven-year term with a 30-year amortization schedule. This spending spree follows a first buying round in which $165 million in real estate had been picked up for AMLI's portfolio.