Amli Cracks Tough Market with 222-Unit Buy

The buy comes via a 1031 exchange, swapping out the 236-unit Amli on Rosemeade in North Dallas for the former Woodlands of Shadow Ridge, a 222-unit complex at 1111 Lexington Ave. Amli already has renamed the one-year-old luxury complex to Amli at Shadow Ridge.

Mark Alfieri, Amli vice president, tells GlobeSt.com that the 19-building acquisition is the result of a long-standing relationship with seller Solson Investments of Dallas. He confides that talks were ongoing while the complex was being built. The purchase, says Alfieri, is "consistent with Amli's strategy of selling older properties and replacing them with well-located newer properties. Flower Mound is one of the few barrier-to-entry markets in Texas."

The Shadow Ridge buy marks this year's second 1031 exchange for Amli and most likely the last like-kind swap of the year in the ongoing disposition, says Alfieri. The major multifamily player's buying power isn't dissipating; scouts are out for opportunities in all of its markets. He discloses as many as four more acquisitions could close by the close of the year.

Amli owned the 14-year-old Rosemeade, located at 4300 Rosemeade Parkway, since 1990. It was 97% occupied at sale time to Alliance Holdings LLC, a Chicago-based private investor with other holdings in the Dallas-Ft. Worth metroplex. Alfieri says a renovation is in the works for the complex, which carried a $13.4-million asking price. Alfieri is mum about the price tag for the 92%-occupied Shadow Ridge.

Brokers Brian O'Boyle and Jerry Lamm, both of O'Boyle Properties in Dallas, structured the property exchange. The Shadow Ridge buy marks Amli's 19th multifamily holding in the DFW region and comes in a market with "the lowest ration of rental units to single-family homes in Texas," says Allan Sweet, Amli's president. "The high quality of this community, coupled with its great location, makes it a great fit for us."

The 218,309-rentable sf Shadow Ridge is positioned on 14 acres. It consists of 111 one-bedroom, 88 two-bedroom and 23 three-bedroom units. It is designed with 36 two-story townhomes. The complex also boasts a resort-style swimming pool, heated spa, state-of-the-art fitness center and business center.