AMLI Set To Close Multi-Million-Dollar Deal

ATLANTA-AMLI Residential Properties Trust of Chicago has contracted to sell its 1,180-unit, 19-year-old AMLI at Spring Creek apartment complex in the metro area in an estimated multi-million-dollar deal that will give the Chicago-based developer-investor a one-time gain of about $40 million, the company says in a prepared statement.

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.”