Amli Taps new CEOs as Multifamily Rents Show Signs of Life

Amli Residential is shaking up its C-suite for the first time in its 45-year history, handing the CEO reins to a new generation.

The Chicago-based multifamily owner and developer promoted Fred Schreiber to CEO from his prior role as executive vice president and chief operating officer, according to CoStar. Taylor Bowen, previously president of Amli Development, will now serve as CEO of that affiliate, overseeing the firm’s ground-up pipeline.

Longtime Chairman and CEO Gregory Mutz is not exiting the stage entirely. He’ll remain chairman, while former Amli President Philip Tague steps into the vice chairman role. The moves formalize a succession plan that has been quietly underway for several years and keeps the company’s founding leadership closely involved, Mutz said in an email to the outlet, adding that Schreiber and Bowen have steadily taken on more responsibility during the transition.

After months of stagnation, U.S. multifamily rents ticked up slightly in December, snapping five straight months of flat or negative growth, according to data from CoStar-owned Apartments.com. While the bump is modest, it’s a welcome signal for large operators navigating higher interest rates, tighter capital markets and a wave of new supply in several Sun Belt metros.

Amli, founded in 1980 by Mutz and fellow attorney John Allen, has lived through multiple cycles. The firm went public in 1994 as Amli Residential Properties Trust, before Morgan Stanley Real Estate Investing paid $2.1 billion to take it private in 2006. Today, the company remains a subsidiary of Morgan Stanley and controls roughly 26,000 apartments nationwide, with an estimated value of $12.5 billion, according to Mutz.

The firm has continued to transact and plan new development. In one recent deal, Amli paid $134 million for the 275-unit Milieu tower in Chicago’s West Loop. It’s also pursuing a 56-story, 498-unit apartment tower at 669 North Michigan Avenue, a high-profile proposal along the Magnificent Mile.

Schreiber will remain based at Amli’s Chicago headquarters, while Bowen operates out of Dallas. The company employs nearly 900 people, with major offices in Chicago, Atlanta and Dallas.

— Eric Weilbacher