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AMLI Residential, one of the largest apartment complex management firms in Atlanta is developing a new property in Northeast Atlanta, in one of the most affluent sections of the city. Partnering with Northwestern Mutual, AMLI will develop a 245 apartment community the will contain 234 thousand square feet of rental space.

AMLI currently manages 75 rental communities throughout the country.

Press Release:

AMLI Residential (NYSE: AML)
announces today that it has entered into a joint venture with The Northwestern
Mutual Life Insurance Company (”Northwestern Mutual”) to develop and own AMLI
Perimeter Gardens in the Dunwoody neighborhood of northeast Atlanta, Georgia.
The joint venture is structured such that cash flow and sales proceeds will be
shared 75% to Northwestern Mutual and 25% to AMLI Residential until certain
benchmarks are achieved, at which point AMLI will receive an increased portion
of the cash flow and residual interest.
    AMLI Perimeter Gardens is currently being developed on five acres at the
intersection of Shallowford Road and Dunwoody Park. The 245-unit community
will contain 234,869 rentable square feet consisting of 155 (63%) one-bedroom
and 90 (37%) two-bedroom apartment homes. The apartments will average 956
square feet in size. The first apartment homes are expected to be available
for occupancy in second quarter 2006, and stabilization is expected in second
quarter 2007. Community amenities will include two courtyards, each with a
pool, as well as a fitness center, business and conference center, grilling
area, parking deck and two elevators.
    “We are pleased to announce the formation of our ninth development joint
venture with Northwestern Mutual,” said Phil Tague, Executive Vice President,
“and the seventh in Atlanta. AMLI Perimeter Gardens will give AMLI the
opportunity to market its great customer service and a menu of desirable
housing choices to people who work in the Perimeter Center office market. In
particular, we think that our Perimeter Center customers will respond
positively to our urban loft units that will constitute a portion of the
available floor plans.”
    This transaction continues AMLI’s declared strategy to selectively co-
invest with institutional investors for the development, acquisition and
management of Class A multifamily apartment communities. By strategically
leveraging the Company’s equity through these alliances, AMLI believes the
return on its investment will be significantly enhanced. AMLI will provide
development, construction, leasing and property and asset management services
for this new community.
    Based in Milwaukee, Northwestern Mutual is the nation’s leading provider
of individual life insurance. Nationwide, the company has over $21 billion
invested in its real estate portfolio.  For more information, visit
http://www.northwesternmutualinvestments.com .
    The AMLI(R) portfolio currently includes 75 apartment communities
containing 28,356 apartment homes, with an additional 827 apartment homes
under development or in lease-up in three locations. AMLI is focused on the
development, acquisition and management of institutional quality multifamily
communities in the Southeast, Southwest, Midwest and Mountain regions of the
U.S. AMLI Residential also serves as institutional advisor and asset manager
for large pension funds, tax-exempt foundations and other financial
institutions through AMLI’s co-investment business. AMLI employs approximately
850 people who are dedicated to achieving AMLI’s mission — Provide An
Outstanding Living Environment For Our Residents.  More information on AMLI is
available at http://www.amli.com .

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