PALO ALTO, Calif.--(BUSINESS WIRE)--May 8, 2003--Essex Property
Trust, Inc., (NYSE:ESS) a real estate investment trust (REIT) with
apartment communities located in targeted West Coast markets,
announced today that its Essex Apartment Value Fund (The "Fund") has
acquired three multifamily properties comprised of 288 apartment homes
located in San Dimas, California, for a contract price of
approximately $36.7 million and a 400-unit multifamily apartment
community, Huntington Villas, located in Huntington Beach, California,
for a contract price of $58.2 million.
The San Dimas properties were built in 1981 and are comprised of
three communities, which are within close proximity of one another --
The Villas at San Dimas Canyon consists of 156 units, The Villas at
Bonita includes 102 units and The Villas has 30 units. The average
unit size for these properties is 927 square feet. The properties
offer a full range of internal and external amenities, such as
stackable washers and dryers in each unit, walk-in closets, private
patios or balconies, air conditioning, ceiling fans and modern kitchen
appliances.
Huntington Villas is located approximately one mile from the I-405
freeway and two miles from the Pacific Ocean. The property, which was
built in 1972, is comprised of 360 two-bedroom and 40 three-bedroom
units and was fully renovated in 2002. The property's outside common
areas feature a variety of amenities in addition to interior features,
such as private patios or balconies, modern kitchens, mirrored
wardrobes, ceiling fans, vertical blinds and walk-in closets.
Commenting on the transaction, Keith R. Guericke, President and
Chief Executive Officer of Essex Property Trust, Inc. stated, "We are
pleased with this level of acquisition activity in the Fund, which now
has a remaining investment capacity of approximately $300 million."
Mr. Guericke continued, "Southern California continues to be among our
strongest markets, and these acquisitions support Essex's investment
strategy of purchasing modestly priced assets in above average
neighborhoods that boast better than average job and population
growth, and where new supply is limited."
The Fund obtained three real estate loans in connection with these
transactions -- $13.0 million (The Villas at Bonita) and $8.3 million
(The Villas at San Dimas Canyon) with a fixed interest rate of 4.67
percent for a 7-year term, and a $39.8 million loan with a fixed
interest rate of 4.64% with a 7-year term on Huntington Villas.
The Fund is managed by Essex and will be, subject to specific
exceptions, Essex's exclusive investment vehicle for new investments
until either the Fund's capital has been fully committed for
investment or the commitment period has ended. The Fund has investment
capacity of approximately $300 million, and continues to actively seek
multifamily investment opportunities.
Essex Property Trust, Inc., located in Palo Alto, California and
traded on the New York Stock Exchange (ESS), is a fully integrated
real estate investment trust (REIT) that acquires, develops,
redevelops, and manages multifamily residential properties in selected
West Coast communities. Essex currently has ownership interests in 117
multifamily properties (24,657 units), and has 1,248 units in various
stages of development. Additional information about Essex can be found
on the Company's web site at www.essexpropertytrust.com. If you would
like to receive future press releases via e-mail-please send a request
to investors@essexpropertytrust.com.
The statements which are not historical facts contained in this
release such as the Company's beliefs regarding targeted returns on
investments, future internal growth and expectations regarding the
timing of future leasing activities, future redevelopment projects and
future development projects are forward looking statements that
involve risks and uncertainties which could cause actual results to be
different than such forward looking statements, including, but not
limited to, market demand, the effect of economic conditions, the
timing of development and renovation projects, the impact of
competition and competitive pricing, the result of financing efforts,
the effect of the Company's accounting policies and other risks
detailed in the Company's Securities and Exchange Commission filings.
CONTACT: Essex Property Trust, Inc.
Michael J. Schall, 650/849-1600 (Chief Financial Officer)
Mary C. Jensen, 650/849-1656 (Director of IR)
www.essexpropertytrust.com
SOURCE: Essex Property Trust, Inc.