Document:

EXHIBIT 10.11
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                          FOURTH AMENDMENT TO
                      AMLI RESIDENTIAL PROPERTIES
                              OPTION PLAN

           WHEREAS, Amli Residential Properties Trust, a Maryland real
estate investment trust (the "Trust"), has adopted and maintains the Amli
Residential Properties Option Plan (the "Option Plan"); and

           WHEREAS, the Board of Trustees of the Trust has the authority
to amend the Option Plan, subject to shareholder approval with respect to
amendments that increase the number of Shares or Units (as such terms are
defined in the Option Plan) eligible for awards under the Option Plan; and

           WHEREAS, the members of the Board of Trustees of the Trust now
consider it desirable to amend the Option Plan to increase the number of
Shares or Units eligible for awards under the Option Plan;

           NOW, THEREFORE, IT IS RESOLVED, that the Option Plan shall be,
and it hereby is, amended, effective as of the date the shareholders of the
Trust approve of this amendment by substituting the following for
Section 4.1 of the Option Plan:

                 "4.1.NUMBER OF SHARES AND UNITS SUBJECT TO OPTION.
           Subject to the adjustment provisions of Section 4.4, the
           aggregate number of

                 (a)  Shares which may be subject to Share Options
                      (whether as Incentive Share Options or Non-
                      qualified Options), and

                 (b)  Units which may be subject to Unit Options,

           shall not exceed 3,450,000 Shares or 3,450,000 Units, or any
           combination of the foregoing.  If, and to the extent, that
           Options granted under the Plan terminate, expire or are
           canceled for any reason without having been exercised, the
           Shares or Units reserved for issuance pursuant to the
           terminated, expired or canceled Option (and any Shares reserved
           in connection with the Conversion Rights of the Units) shall
           again be available for the granting of Options; provided that
           the granting and terms of such new Options shall in all
           respects comply with the provisions of the Plan.  No Options to
           purchase fractional Shares or fractional Units shall be granted
           or issued under the Plan."

           BE IT FURTHER RESOLVED, that Sections 3.2(d) and 3.3(a) of the
Option Plan shall be, and it hereby is, amended, effective as of the date
the shareholders of the Trust approve this amendment, by adding the
following at the end of each of such provisions: "provided that no such
modification or cancellation and reissue may result in a change in the
original exercise price other than through the application of the
adjustment provisions of this plan."EXHIBIT 10.12
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                   AMLI RESIDENTIAL PROPERTIES 2002
                 SENIOR OFFICER SHARE ACQUISITION PLAN
                 -------------------------------------

<PAGE>

                   AMLI RESIDENTIAL PROPERTIES TRUST
                   ---------------------------------

                              CERTIFICATE
                              -----------

     I, ____________________, ______________________________________ of
Amli Residential Properties Trust, having in my custody and possession the
corporate records of said corporation, do hereby certify that attached
hereto is a true and correct copy of the Amli Residential Properties 2002
Senior Officer Share Acquisition Plan, as in effect as of ________________.

     WITNESS my hand this ________________________________________.

<PAGE>

                   AMLI RESIDENTIAL PROPERTIES 2002
                 SENIOR OFFICER SHARE ACQUISITION PLAN
                 -------------------------------------

                               SECTION 1

                                GENERAL
                                -------

     1.1   ESTABLISHMENT AND PURPOSE.  Amli Residential Properties Trust,
a Maryland real estate investment trust (the "REIT"), is the general
partner of Amli Residential Properties, L.P. (the "Partnership"), a
Delaware limited partnership.  The Partnership owns all of the preferred
stock of Amli Management Company, a Delaware corporation which in turn owns
Amrescon, LLC, a Delaware corporation, and each of such entities is
referred to individually as a "Service Company" and collectively as the
"Service Companies".  The Partnership may from time to time acquire,
directly or indirectly, a greater than 50% economic interest in other
entities that may adopt the Plan and become additional Service Companies
hereunder, with the consent of the Executive Compensation Committee of the
REIT.  The REIT, the Partnership, and the Service Companies are each
referred to individually as an "Affiliated Company," and collectively as
the "Affiliated Companies."  The purpose of the Amli Residential Properties
2002 Senior Officer Share Acquisition Plan (the "Plan") is to enable each
of the Affiliated Companies to attract, retain and motivate individuals to
perform services as employees and otherwise by providing for or increasing
the opportunity for such individuals to share in the growth and success of
the Affiliated Companies through proprietary interests in the REIT and
thereby promote the long-term financial interest of the REIT and the other
Affiliated Companies.  The Plan has been established by the REIT as a
successor to the loan program established in 1999, under which senior
management employees were given the opportunity to purchase Common Shares
of the REIT in the open market using the proceeds of loans from the REIT,
which loans were reimbursable to each employee by his employer, contingent
upon the borrowing employee's fulfillment of certain obligations and
conditions.  The Plan is similarly intended to provide senior management
employees the opportunity to purchase Common Shares with similarly
reimbursable loans.  However, in order to facilitate compliance with
Section 16(b) of the Securities Exchange Act of 1934, as amended, Common
Shares purchased under the Plan may be either open market purchases or
acquired from the REIT's authorized but unissued shares.

     1.2   PARTICIPATION.  Subject to the terms and conditions of the
Plan, the Committee shall determine and designate, from time to time, from
among the Eligible Persons those persons who will be granted the right to
purchase Common Shares under the Plan, and thereby become "Participants" in
the Plan.

     1.3   OPERATION, ADMINISTRATION, AND DEFINITIONS.  The operation and
administration of the Plan, including the grant of the right to purchase
Common Shares made under the Plan, shall be subject to the provisions of
Section 4 (relating to operation and administration).  Capitalized terms in
the Plan shall be defined as set forth in the Plan (including the
definition provisions of Section 6 of the Plan).

<PAGE>

                               SECTION 2

                   COMMON SHARE ACQUISITION PROGRAM
                   --------------------------------

     2.1   PURCHASE OF COMMON SHARES.  The Committee may, from time to
time, establish one or more programs under which Participants will be
granted the right to purchase Common Shares under the Plan, and shall
designate the Participants eligible to participate under such share
purchase programs.  The purchase price for Common Shares available under
such programs, and other terms and conditions of such programs, shall be
established by the Committee.  The purchase price may not be less than the
Fair Market Value of the Common Shares at the time of purchase (or, in the
Committee's discretion, the average Common Share value over a period
determined by the Committee); provided, however, that the purchase price
may not be less than par value of a Common Share.

     2.2   RESTRICTIONS ON SHARES.  The Committee may impose such
restrictions with respect to Common Shares purchased under subsection 2.1
as the Committee determines to be appropriate.

     2.3   PAYMENT OF PURCHASE PRICE.  The purchase price of the Common
Shares purchased by a Participant shall be paid at the time of the purchase
in cash, or in such other form permitted by the Committee; and such form of
payment may include use of the proceeds of the loan from the REIT to the
Participant, which loan shall be evidenced by a promissory note, and shall
be subject to such terms and restrictions imposed by the Committee, which
terms may include the employer's reimbursement of the loan, contingent upon
the borrowing individual's fulfillment of conditions and obligations
established by the Committee.

                               SECTION 3

                     OPERATION AND ADMINISTRATION
                     ----------------------------

     3.1   EFFECTIVE DATE.  Subject to the approval of the shareholders of
the REIT at the REIT's 2002 annual meeting of its shareholders, the Plan
shall be effective as of April 29, 2002 (the "Effective Date"); provided,
however, that to the extent that rights are granted under the Plan prior to
its approval by shareholders, they shall be contingent on approval of the
Plan by the shareholders of the REIT.  The Plan shall be unlimited in
duration and, in the event of Plan termination, shall remain in effect as
long as any awards of the right to purchase Common Shares under it are
outstanding.

     3.2   COMMON SHARES SUBJECT TO PLAN.  The Common Shares which may be
purchased by Participants under the Plan shall be subject to the following:

     (a)   The Common Shares with respect to which the right to purchase
           may be awarded under the Plan shall be shares currently
           authorized but unissued or currently held or subsequently
           acquired by the Company, including shares purchased in the open
           market, in private transactions or otherwise.

     (b)   Subject to the following provisions of this subsection 3.2, the
           maximum number of Common Shares that may be delivered to
           Participants and their beneficiaries under the Plan shall be
           260,000 Common Shares.

<PAGE>

     3.3   GENERAL RESTRICTIONS.  Delivery of Common Shares or other
amounts under the Plan shall be subject to the following:

     (a)   Notwithstanding any other provision of the Plan, the Company
           shall have no liability to deliver any Common Shares under the
           Plan or make any other distribution of benefits under the Plan
           unless such delivery or distribution would comply with all
           applicable laws (including, without limitation, the
           requirements of the Securities Act of 1933), and the applicable
           requirements of any securities exchange or similar entity.

     (b)   To the extent that the Plan provides for issuance of share
           certificates to reflect the issuance of Common Shares, the
           issuance may be effected on a non-certificated basis, to the
           extent not prohibited by applicable law or the applicable rules
           of any stock exchange.

     3.4   ADJUSTMENT TO SHARES.

     (a)   In the event of any change in the outstanding Common Shares by
           reason of a stock dividend or split, recapitalization, merger
           or consolidation (whether or not the REIT is a surviving
           corporation), reorganization, combination or exchange of shares
           or other similar corporate changes or an extraordinary dividend
           paid in cash or property, the number of Common Shares (or other
           securities) then remaining subject to this Plan, and the
           maximum number of shares that may be issued to anyone pursuant
           to this Plan, including those that are then covered by
           outstanding awards of the right to purchase Common Shares,
           shall (i) in the event of an increase in the number of
           outstanding shares, be proportionately increased and the price
           for each share then covered by an outstanding right to purchase
           Common Shares shall be proportionately reduced, and (ii) in the
           event of a reduction in the number of outstanding shares, be
           proportionately reduced and the price for each share then
           covered by an outstanding right to purchase Common Shares shall
           be proportionately increased.

     (b)   In the event the adjustments described in clauses (i) and (ii)
           of paragraph (a) of this subsection 3.4 are inadequate to
           ensure equitable treatment of any holder of the right to
           purchase shares, then, to the extent permissible under
           applicable law, the Committee shall make any further
           adjustments as it deems necessary to ensure equitable treatment
           of any such holder as the result of any transaction affecting
           the securities subject to the Plan or as is required or
           authorized under the terms of any applicable agreement relating
           to the award of the right to purchase Common Shares.

     (c)   The existence of the Plan and the right to purchase shares
           granted hereunder shall not affect or restrict in any way the
           right or power of the Board of Trustees or the shareholders of
           the REIT to make or authorize any adjustment, recapitalization,
           reorganization or other capital structure of its business, any
           merger or consolidation of the REIT, any issue of bonds,
           debentures, preferred or prior preference stock ahead of or
           affecting the Common Shares or the rights thereof, the
           dissolution or liquidation of the REIT or any sale or transfer
           of all or any part of its assets or business, or any other
           corporate act or proceeding.

<PAGE>

     3.5   TAX WITHHOLDING.  All benefits under the Plan are subject to
withholding of all applicable taxes, and the Committee may condition the
delivery of any shares or other benefits under the Plan on satisfaction of
the applicable withholding obligations.  The Committee, in its discretion,
and subject to such requirements as the Committee may impose prior to the
occurrence of such withholding, may permit such withholding obligations to
be satisfied through cash payment by the Participant, through the surrender
of Common Shares which the Participant already owns, or through the
surrender of Common Shares to which the Participant is otherwise entitled
under the Plan.

     3.6   TRANSFERABILITY.  The award of the right to purchase Common
Shares under the Plan is not transferable except as designated by the
Participant by will or by the laws of descent and distribution.

     3.7   FORM AND TIME OF ELECTIONS.  Unless otherwise specified herein,
each election required or permitted to be made by any Participant or other
person entitled to benefits under the Plan, and any permitted modification,
or revocation thereof, shall be in writing filed with the Committee at such
times, in such form, and subject to such restrictions and limitations, not
inconsistent with the terms of the Plan, as the Committee shall require.

     3.8   AGREEMENT WITH REIT.  An award of the right to purchase Common
Shares under the Plan shall be subject to such terms and conditions, not
inconsistent with the Plan, as the Committee shall, in its sole discretion,
prescribe.  The terms and conditions of any award of the right to purchase
Common Shares to any Participant shall be reflected in such form of written
document as is determined by the Committee.  A copy of such document shall
be provided to the Participant, and the Committee may, but need not require
that the Participant sign a copy of such document.

     3.9   ACTION BY REIT OR AFFILIATED COMPANY.  Any action required or
permitted to be taken by the REIT or any Affiliated Company shall be by
resolution of its board of trustees, or by action of one or more members of
the board (including a committee of the board) who are duly authorized to
act for the board, or (except to the extent prohibited by applicable law or
applicable rules of any stock exchange) by a duly authorized officer of
such company.

     3.10  GENDER AND NUMBER.  Where the context admits, words in any
gender shall include any other gender, words in the singular shall include
the plural and the plural shall include the singular.

     3.11  LIMITATION OF IMPLIED RIGHTS.  The Plan does not constitute a
contract of employment, and selection as a Participant will not give any
participating individual the right to be retained in the employ of the REIT
or any Affiliated Company, nor any right or claim to any benefit under the
Plan, unless such right or claim has specifically accrued under the terms
of the Plan.  Except as otherwise provided in the Plan, no award of the
right to purchase Common Shares under the Plan shall confer upon the holder
thereof any rights as a shareholder of the REIT prior to the date on which
the individual fulfills all conditions for receipt of such rights and
purchase such Common Shares.

     3.12  EVIDENCE.  Evidence required of anyone under the Plan may be by
certificate, affidavit, document or other information which the person
acting on it considers pertinent and reliable, and signed, made or
presented by the proper party or parties.

                               SECTION 4

                               COMMITTEE
                               ---------

     4.1   SELECTION OF COMMITTEE.  The Committee shall be selected by the
Board, and shall consist of not less than two members of the Board.

<PAGE>

     4.2   POWERS OF COMMITTEE.  The Committee shall have the authority to
control and manage the operation and administration of the Plan.  The
Committee's administration of the Plan shall be subject to the following:

     (a)   Subject to the provisions of the Plan, the Committee will have
           the authority and discretion to select from among the Eligible
           Persons those persons who shall receive awards to purchase
           Common Shares, and to establish the terms, conditions,
           restrictions and other provisions applicable to the right to
           purchase shares under the Plan, including determining the time
           or times of receipt, determining the number of shares which may
           be purchased by a Participant, and (subject to the restrictions
           imposed by Section 5) canceling or suspending the right to
           purchase shares.

     (b)   The Committee will have the authority and discretion to
           interpret the Plan, to establish, amend, and rescind any rules
           and regulations relating to the Plan, to determine the terms
           and provisions of any agreement made pursuant to the Plan, and
           to make all other determinations that may be necessary or
           advisable for the administration of the Plan.

     (c)   Any interpretation of the Plan by the Committee and any
           decision made by it under the Plan is final and binding on all
           persons.

     (d)   In controlling and managing the operation and administration of
           the Plan, the Committee shall take action in a manner that
           conforms to declaration of trust and by-laws of the REIT, and
           applicable state corporate law.

     4.3   DELEGATION BY COMMITTEE.  Except to the extent prohibited by
applicable law or the applicable rules of a stock exchange, the Committee
may allocate all or any portion of its responsibilities and powers to any
one or more of its members and may delegate all or any part of its
responsibilities and powers to any person or persons selected by it.  Any
such allocation or delegation may be revoked by the Committee at any time.

     4.4   INFORMATION TO BE FURNISHED TO COMMITTEE.  The REIT and
Affiliated Companies  shall furnish the Committee with such data and
information as it determines may be required for it to discharge its
duties.  The records of the REIT and Affiliated Companies as to an
employee's or Participant's employment, termination of employment, leave of
absence, reemployment and compensation shall be conclusive on all persons
unless determined to be incorrect.  Participants and other persons entitled
to benefits under the Plan must furnish the Committee such evidence, data
or information as the Committee considers desirable to carry out the terms
of the Plan.

     4.5   LIABILITY AND INDEMNIFICATION OF COMMITTEE.  No member or
authorized delegate of the Committee shall be liable to any person for any
action taken or omitted in connection with the administration of the Plan
unless attributable to his own fraud or willful misconduct; nor shall the
REIT be liable to any person for any such action unless attributable to
fraud or willful misconduct on the part of a Trustee or employee of the
REIT.  The Committee, the individual members thereof, and persons acting as
the authorized delegates of the Committee under the Plan, shall be
indemnified by the REIT, to the fullest extent permitted by law, against
any and all liabilities, losses, costs and expenses (including legal fees
and expenses) of whatsoever kind and nature which may be imposed on,
incurred by or asserted against the Committee or its members or authorized
delegates by reason of the performance of a Committee function if the
Committee or its members or authorized delegates did not act honestly or in
willful violation of the law or regulation under which such liability,
loss, cost or expense arises.  This indemnification shall not duplicate but
may supplement any coverage available under any applicable insurance.

<PAGE>

                               SECTION 5

                       AMENDMENT AND TERMINATION

     The Board may, at any time, amend or terminate the Plan, provided
that no amendment or termination may, in the absence of written consent to
the change by the affected Participant (or, if the Participant is not then
living, the affected beneficiary), adversely affect the rights of any
Participant or beneficiary under any award to purchase shares granted under
the Plan prior to the date such amendment is adopted by the Board.

                               SECTION 6

                             DEFINED TERMS

     In addition to the other definitions contained herein, the following
definitions shall apply:

     (a)   BOARD.  The term "Board" shall mean the Board of Trustees
           of the REIT.

     (b)   COMMON SHARE. The term "Common Share" shall mean a common share
           of beneficial interest, $0.01 per value per share, of the REIT.

     (c)   ELIGIBLE PERSON.  The term "Eligible Person" shall mean any
           employee of an Affiliated Company or any person providing or
           that has provided services to an Affiliated Company.  An award
           of the right to purchase Common Shares may be granted to an
           individual, in connection with hiring, retention or otherwise,
           prior to the date the individual first performs services for
           the Affiliated Company, provided that such right to purchase
           shares shall not become vested prior to the date the individual
           first performs such services.

     (d)   EXCHANGE ACT.  The term "Exchange Act" means the Securities
           Exchange Act of 1934, as from time to time amended.

     (e)   FAIR MARKET VALUE.  The "Fair Market Value" of a Common Share
           shall be determined as follows:

           If the Common Shares are listed or admitted to trading on a
           securities exchange registered under the Exchange Act, the Fair
           Market Value of a Common Share is the average of the high and
           low price of the Common Shares for the day immediately
           preceding the date as of which Fair Market Value is being
           determined (or if there was no reported sale on such date, on
           the last preceding date on which any reported sale occurred)
           reported on the principal securities exchange on which the
           Common Shares are listed or admitted to trading.  If the Common
           Shares are not listed or admitted to trading on any such
           exchange but are listed as a national market security on the
           National Association of Securities Dealers, Inc. Automated
           Quotation System ("NASDAQ"), traded in the over-the-counter
           market or listed or traded on any similar system then in use,
           the Fair Market Value of a Common Share shall be the average of
           the high and low sales price for the day immediately preceding
           the date as of which the Fair Market Value is being determined
           (or if there was no reported sale on such date, on the last
           preceding date on which any reported sale occurred) reported on
           such system.  If the Common Shares are not listed or admitted
           to trading on any such exchange, are not listed as a national
           market security on NASDAQ and are not traded in the over-the-
           counter market or listed or traded on any similar system then
           in use, but are quoted on NASDAQ or any similar system then in
           use, the Fair Market Value of a Common Share shall be the
           average of the closing high bid and low asked quotations on
           such system for the Common Shares on the date in question.  In
           all other cases, Fair Market Value for purposes of the Plan
           shall be determined by the REIT Committee in its sole
           discretion using appropriate criteria.

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