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AURORA, IL-AMLI Residential Properties Trust has bought out its partner in the 464-unit AMLI at Oakhurst North here and 400-unit AMLI on Spring Mill in suburban Indianapolis. AMLI Residential paid Prudential Real Estate Investors $67 million to become the sole owner of the multifamily rental projects.

AMLI Residential Properties Trust held a 25% stake in AMLI at Oakhurst North, developed in 2000 on 29 acres at the northwest corner of Eola Road and Liberty Street. The REIT held a 20% stake in AMLI on Spring Mill in Carmel, IN, built in 1999.

The deal works out to about $104,000 per unit, which would equate to a market value of $48 million for AMLI at Oakhurst North.

“These transactions represent a ‘win-win’ result for AMLI and our partners and highlight another tangible benefit of our co-investment activities,” says AMLI president Allan J. Sweet.

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