The new project will be positioned close to another apartment complex developed by the same partnership, AMLI at Barrett Lakes. Cash flow and sales proceeds from the joint venture are shared as follows: 75% to Northwestern Mutual, 25% to AMLI Residential until certain benchmarks are reached. After the benchmarks are hit, AMLI's portion of the cash flow and residual interest increases, the company said in a written statement.
Construction has begun. When finished, the 26-acre development will include 310 apartments in 15 buildings. The apartments will average 1,035 sf. The first are expected to be ready for occupancy in late 2002. The project is expected to be completed by the end of 2003.
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