All three far west suburban properties have been built by Boca Raton, FL-based the Altman Cos. within the last three years, fitting the profile of AMLI's strategy of buying new properties while selling off older assets. In addition to the acquisitions, the company also sold the 150-unit AMLI at Towne Creek in Gainesville, GA, a property it developed in 1989.

"The locations, wide range of unit sizes and high-quality construction make these newly-constructed communities great additions to our Chicago portfolio," says AMLI Residential Properties Trust president Allan Sweet.

The largest property is the the Tradition at Canterfield in West Dundee, which will become AMLI at Canterfield. The 352 units are in 18 buildings on 33.6 acres. Units average 1,224 sf.

The Altman Cos. is putting the finishing touches on the Preserve at Kirkland Crossing in Aurora. The sale of that property is expected to close in the fourth quarter as AMLI has completed its due diligence on the 266-unit property, which includes 19.2 acres and will become AMLI at Kirkland Crossing.

The 11-building, 206-unit Preserve at River Run in Naperville was completed last year. In addition to units averaging 1,316 sf, the complex includes a resort-style swimming pool and spa, fitness and business centers as well as garages. It will become AMLI at River Run.