AMLI bought the apartment complex in this southwest suburb of Chicago in 1996 in a partnership with Allstate Insurance Co., which had a 60% share. The sale gave the REIT about $15.3 million in net proceeds that it can use for future acquisitions and development activities, such as its $82-million AMLI at Seven Bridges in nearby Woodridge.
"The sale of this 14-year-old community is consistent with the original investment strategy of both partners," says AMLI President Allan J. Sweet. "We are very pleased with the life-cycle of this transaction and the return it provided for our partner, AMLI and our shareholders."
AMLI at Alvamar, which was bought by a local investor, was nearly as old at 12 years. AMLI had owned the complex since 1994.
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