AMLI Residential Names Fred Schreiber President, CEO
The succession plan includes Taylor Bowen's promotion to CEO of AMLI Development.
There’s some changes in management at Chicago-based AMLI Residential, but the faces are familiar as several top players at the 45-year-old multifamily development and investment firm take on new roles. Fred Schreiber takes the reins as president and CEO of AMLI Residential, while Taylor Bowen moves up to CEO of AMLI Development from his previous position as president of the affiliate that oversees ground-up construction.
Schreiber, who has been AMLI Residential’s executive vice president and chief operating officer for more than nine years, has been with the company since September 2007. Schreiber and Taylor have worked a combined total of 47 years at AMLI and have been “critically important to AMLI’s success to date,” according to a company announcement of the promotions on LinkedIn.
Longtime Chairman and CEO Gregory Mutz will retain the chairman role and former AMLI Residential President Philip Tague becomes vice chairman.
The company statement notes Schreiber and Bowen are committed to AMLI’s mission, culture, people and the organization’s future.
The firm went public in 1994 as Amli Residential Properties Trust, but is now a private company that is owned by PRIME Property Fund, a core, open-ended institutional real estate fund managed by Morgan Stanley Real Estate Investing. The Morgan Stanley subsidiary focuses on the development, construction and management of luxury apartment communities. It currently owns and manages more than 26,000 apartment homes in eight U.S. markets – Chicago, Denver, Dallas, Seattle, Atlanta, South Florida, Southern California and Austin, Texas. They have an asset valuation of about $12.5 billion.
Recent AMLI deals and projects
The changes come as the firm continues to grow its national portfolio with new acquisitions and ground-up developments.
In December, the company paid nearly $135 million for a 20-story, 275-unit apartment tower in the West Loop section of its hometown, according to reporting from Crain’s Chicago Business. AMLI Residential acquired Milieu at 205 S. Peoria St. from a venture led by Pacific Life Insurance, which developed the property in 2019. It was the city’s fourth-largest apartment transaction of the year, the website reported.
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Also in Chicago, AMLI Residential is seeking to build a 56-story, 498-unit tower at 669 North Michigan Ave. along the Magnificent Mile. The mixed-use project would have about 27,000 square feet of retail on the first two floors, according to The Real Deal. Approximately 10 percent of the units would be affordable apartments. The site is currently occupied by a 57,000-square-foot retail property that includes a Nike store. The proposal would require City Council approval to move forward.
In September, AMLI Residential completed the first phase of AMLI Aero, a 442-unit apartment community at 3583 Aero Court in the Kearny Mesa section of San Diego. The development marks AMLI’s first project in the market. The company is developing the project in five phases, the first spanning 97 units. The project, which has a mix of studios, one-, two- and three-bedroom layouts, is slated for completion in the spring, according to the San Diego Business Journal.
During the summer, AMLI Residential completed the fourth apartment community within the 700-acre Mueller master-planned urban village in Austin. The most recent delivery was AMLI North Park, a 360-unit property with studios, one- and two-bedroom units. AMLI North Park is the fourth of five AMLI apartment communities that will be part of the AMLI Mueller Apartment Collective on the site of the former Robert Mueller Municipal Airport. The collective will have a total of 1,978 apartments when the final asset – AMLI Park Central with 650 apartments – is completed this spring.
The other properties are: AMLI at Mueller, 237 units; AMLI on Aldrich, 318 units; and AMLI Branch Park, a 406-unit community which was completed in February 2024.
