Crews Working on $23-Mil Apartment Complex in Kennesaw

KENNESAW, GA-A new apartment complex is going up in Kennesaw, a northern Atlanta suburb. The $23-million project, located near Town Center Mall, is a joint venture between Chicago-based AMLI Residential and Northwestern Mutual of Milwaukee.

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.