AMLI Residential Sells 419-Unit Class A Asset

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HOUSTON-Stone Post Properties of Englewood, NJ and CMS Cos. of Philadelphia have banded together to acquire the 419-unit AMLI Midtown. Sources uninvolved with the transaction say that the class A units have traded hands for just over $100,000 per door.

According to SEC filings, Chicago-based AMLI Residential had paid $33 million in 2001 for the asset at 2350 Bagby St. David Mitchell, principal with Apartment Realty Advisor in Houston, says the 96%-leased Midtown is the Chicago company’s first disposition in Houston since it was bought in 2006 by New York City-based Morgan Stanley Group Inc. “I think their plan is to dispose of some of their properties that are more than four years old and to keep the newer ones,” the seller’s broker says.