Although publicly traded AMLI won't disclose terms until the deal is done the second quarter, local multifamily brokers tell GlobeSt.com the transaction will probably be valued at $100 million-plus. They base their estimate on a per-unit sale price of $90,000. The property was built in phases from 1985 to 1989.

"There is no assurance that the sale will occur or occur on the terms contained in the contract," says AMLI president Allan J. Sweet. "However, assuming that the transaction closes as expected, AMLI will recognize an aggregate one-time gain of approximately $40 million, about $35 million of which will be gain on sale of real estate and the remainder will be gain associated with the buyer's assumption of the long-term, tax-exempt financing that currently encumbers the property."

At the same time, AMLI has contracted with undisclosed buyers to acquire two apartment communities at purchase prices "slightly less" than the sales price of AMLI at Spring Creek, Sweet says. All three deals are expected to close at about the same time.