"We will continue to get younger rather than older," President and Co-CEO Allan J. Sweet says. "It is our intention to keep our portfolio relatively young." That means continued targeted dispositions of its higher quality apartment communities. Another reason AMLI at Alvamar is being considered for sale is the development is in an outlying area of the Kansas City market.
"We will very likely dispose of that asset this year," said President and Co-CEO Allan J. Sweet. The REIT has owned AMLI at Alvamar, with one- and two-bedroom units renting from $695 to $885 per month, since 1994. That's also as long as the REIT has owned the 300-unit AMLI at Regents Center in Overland Park, KS, a project with one-, two- and three-bedroom units renting from $675 to $1,070. The community was built from 1991 to 1995.
AMLI Residential officials admit their "biggest miss" in their budget last year was in the Kansas City market. The REIT based has 2,238 units in nine properties, and is building five new properties with 1,404 units.
"The job growth has been steady," said Robert S. Aisner, executive vice president and president of AMLI Management Co. "The problem in Kansas City was not job growth, but supply has outstripped demand."
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