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AURORA, IL-An unidentified client of Rye Brook, NY-based Tuckerman Group, LLC has bought an 80% interest in AMLI Residential's 464-unit Oakhurst North multifamily complex here, which the local REIT built in 2000. In addition, Tuckerman also acquired a 60% interest in AMLI Residential's 996-unit Riverbend complex in Indianapolis.

"This is the first time AMLI has sold partnership interests in existing stabilized communities," says AMLI president Allan J. Sweet, explaining the deals help the REIT recycle capital into newer assets. This year, AMLI Residential sold a 25% stake in the 272-unit Fox Valley complex here for $8.5 million. A year ago, it paid $39.1 million for the 266-unit AMLI at Kirkland Crossing.

AMLI Residential and its new partner also got a $41.8-million interest-only mortgage on Oakhurst North at closing. The eight-year loan carries a 4.97% interest rate for the first seven years, with a floating rate in the eighth year. The existing $44.3-million loan on AMLI at Riverbend, which the new joint venture assumes, carries a 4.85% interest rate during the next eight years, floats in the ninth year and is amortized over a 30-year schedule.