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DALLAS-Chicago-based Amli Residential Properties Trust has ended perhaps six years of holding onto its Dallas-Ft. Worth properties. It’s a buy one-sell one strategy that has netted some $38.4 million, part of which has been applied to the purchase of the 250-unit Amli at Stonebridge Ranch in McKinney, TX.

Amli’s last double deal had occurred in December in Austin. Since then, buys have taken place in Houston and Denver. “We do it all the time. We’re constantly looking to sell some of our older assets and buy newer assets,” Amli president Allan Sweet tells GlobeSt.com. He says there are some more DFW deals in the pipeline, but he’s not talking until they close.

Gone is the 14-year-old, 690-unit Amli at AutumnChase in Carrollton, a free and clear holding that had been bought in 1991. Under Amli’s ownership, the property had been expanded in 1996 and 1999.

The acquisition, Stonebridge Ranch, is situated on 15.4 acres along Virginia Parkway, which is the main thoroughfare through the master-planned community. Stonebridge Ranch had delivered in March and contains 214,292 rentable sf in 13 two- and three-story buildings. The average apartment size is 857 sf. Under a pre-sale contract, Amli has been managing the property during lease-up. The master-planned development consists of single-family and multifamily housing, country club, golf courses and man-made beach.

With the buy one-sell one deal, Amli now owns 71 apartment communities, totaling 27,156 units. Another 2,217 units are under development or in lease-up in six locations.

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