Occupancy at AMLI at Danada Farms stood at 93.2% entering October, according to the REIT's most recent earnings report. Average rent for at the multifamily rental complex, where units average 869 sf, is $1,090 a month.
"AMLI at Danada Farms is one of the premier suburban apartment communities in Chicago," Sweet says.
The complex, which includes 27 buildings spread over 34 acres, was built in 1989 and renovated in 1991. It was acquired by AMLI Residential Properties Trust and Ohio State Teacher's Retirement System, which had a buy-sell agreement with the REIT, in 1997. The $48-billion Ohio State Teacher's Retirement System has nearly $6 billion invested in real estate, including $812 million in the Midwest US before shedding its interest in AMLI at Danada Farms.
Occupancy in the REIT's 3,243-unit suburban Chicago portfolio has surged to 94% to start the fourth quarter, more than five percentage points higher than six months ago. The two laggards locally appear to be the 483-unit AMLI at Osprey Lake in Gurnee and the 196-unit AMLI at Poplar Creek in Schaumburg, where the occupancy rate fell below 90% at the end of third quarter 2003.
Sweet chalked up much of the performance to move-outs late in the month that skewed the occupancy rate, and says neither property is a candidate for sale.
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