AMLI's Turn-Over Strategy Pushes Two Austin Sales, One Houston Buy

AUSTIN-AMLI Residential Trust has sold two Austin multifamily complexes and taken the $35 million gained to buy a Houston property. The Chicago-based AMLI expects to make a buy in January 2001 with the balance of the proceeds.

The Austin properties are Arboretum at 9417 Great Hills Trail and Martha’s Vineyard at 7920 San Felipe Blvd. In Houston, AMLI is the new owner of the 318-unit Western Ridge, which is being renamed to AMLI at Western Ridge. It is located along Rogerdale Road in the Westchase area.

The 231-unit Arboretum is a 17-year-old complex that had been acquired by AMLI in 1986. Martha’s Vineyard, with 360 units, had been built in 1986 and taken over by AMLI in 1992. The company did not disclose the names of the buyers.

The transactions take AMLI to four sales this year. AMLI President Allan Sweet says that selling in Austin’s strong market allows the company to exchange the current yield from older properties into two new properties, without diluting earnings. AMLI isn’t disclosing the location of its next buy. The current portfolio consists of 66 apartment communities, with an additional eight under development or in lease-up.