Mill Creek Residential Marks Its Entry into the Seattle Market with the Acquisition of Archstone Belltown

   Mill Creek Residential Marks Its Entry into the Seattle Market with the
                      Acquisition of Archstone Belltown

Strategic Acquisition Exemplifies Mill Creek's "Buy Where We Build" Strategy

PR Newswire

DALLAS, April 29, 2013

DALLAS, April 29, 2013 /PRNewswire/ -- Mill Creek Residential Trust LLC, a
national apartment developer, investor, owner and operator, and AEW Capital
Management, L.P. (AEW), one of the world's leading real estate investment
advisors, announced that through a joint venture together they have acquired
Archstone Belltown, a 360-unit, 18-story high-rise situated in Seattle's
Belltown neighborhood. The seller was Equity Residential (NYSE: EQR). The
community's name has changed to Skye at Belltown. AEW acquired the property on
behalf of one of its institutional clients.

"We are pleased to mark our entry into the Seattle market with the acquisition
of this iconic high-rise apartment tower," said Mark Dempsey, executive
managing director, Acquisitions. "Skye at Belltown ideally reflects Mill
Creek's 'buy where we build' strategy, where we were able to acquire a
high-quality community with redevelopment potential in an irreplaceable
downtown Seattle location. We are well-positioned to build a meaningful
presence in the greater Seattle metropolitan area in the coming years through
acquisition and development. Sean Hyatt, Mill Creek's local development
partner, has multiple sites under review for development in the Seattle area.
Sean was instrumental in working with our team to add value as we went through
the acquisition process."

Over the last eighteen months, Mill Creek has acquired 1,700 apartment units
across the country. West Coast markets of interest include Seattle, Portland,
the Bay Area, and Southern California.

Community Overview

Skye at Belltown is ideally situated near Seattle's Central Business District
and retail core, and is within walking distance to more than 250,000 jobs,
including Amazon's corporate world headquarters in South Lake Union, which is
just three blocks from the property.

The building is comprised of studio, one- and two-bedroom apartments. Mill
Creek plans to update the unit interiors, enhance the existing amenities and
add to the amenities available to their residents. "We plan to bring a vibrant
new look and feel to Skye at Belltown, similar to what we design into our
newly developed communities," said Alexander Gill, managing director of
Acquisitions for Mill Creek's West Region. "Moreover, we will activate the

lobby and reenergize our large rooftop garden. A great space next to our
lobby will be transformed into a state-of-the-art clubroom, a membership-grade
fitness center and a bike storage and maintenance room."

For leasing information, please contact the Skye at Belltown team at
866.915.5185 or visit the community's website at

About Mill Creek

Mill Creek Residential Trust LLC is national multifamily company focused on
the development, acquisition and operation of apartment communities in
targeted markets nationwide. The company proactively pursues development,
acquisition and construction opportunities through its seasoned team of real
estate professionals in 14 offices across the United States. Mill Creek is
building its portfolio in many of the nation's most desirable apartment
markets in Seattle, Portland, the San Francisco Bay area, Southern California,
Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta,
Washington, D.C., New Jersey, New York, and Boston. As of April 19, 2013, the
company's portfolio comprised 29 communities representing 9,000 apartment
homes that were operating, under construction or in planning. For more
information, visit the company's website at

About AEW

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate
investment management services to investors worldwide. One of the world's
leading real estate investment advisors, AEW and its affiliates manage over
$34 billion of capital invested in $48.2 billion of property and securities in
North America, Europe and Asia (as of December 31, 2012). Grounded in research
and experienced in the complexities of the real estate and capital markets,
AEW actively manages portfolios in both the public and private property
markets and across the risk/return spectrum. AEW and its affiliates have
offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as
well as additional offices in eight European cities. For more information
please visit

Media Contact: Heather Campbell

SOURCE Mill Creek Residential Trust LLC

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