X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.