AMLI, NBEF in $82-Mil Multifamily Venture

WOODRIDGE, IL-In a market that has seen precious little multifamily rental construction in recent years, AMLI Residential Properties Trust and the $9.4-billion National Electrical Benefit Fund have formed a joint venture to build 520 apartments in this suburb southwest of Chicago. Ground will be broken next month on the $82-million development, which will be part of the 405-acre Seven Bridges mixed-use, master-planned community.

The four mid-rise buildings will overlook the Seven Bridges golf course. In addition, the community includes office, retail and entertainment uses, as well as single-family homes and townhomes.

The development is the first between the multifamily REIT and NBEF, sponsored by the International Brotherhood of Electrical Workers and National Electrical Contractors Association. The apartments will be built entirely by union workers.

“AMLI at Seven Bridges will be a solid addition to the NEBF real estate portfolio,” says NEBF Trustee Jeremiah O’Connor, who is also secretary-treasurer of the IBEW. “In addition to being a prudent investment, the AMLI apartments will enhance the local community while providing construction jobs for our participants,” he adds.

While Washington, DC-based NBEF is providing capital if not labor in the form of some of its union members, AMLI is bringing construction oversight, leasing and property management services to the table. The REIT ultimately will own the development. A consortium led by PNC Bank is providing a construction loan.