Apartment Community Located in Prestigious Suburban Neighborhood
PALO ALTO, Calif., Nov. 2 /PRNewswire-FirstCall/ -- Essex Property Trust,
Inc., (NYSE: ESS) a real estate investment trust (REIT) with apartment
communities located in targeted West Coast markets, announced today that it
has acquired Fairwood Pond Apartments, a 194-unit apartment community located
in Renton, Washington for approximately $21.1 million. The Company utilized a
portion of the proceeds from the sale of its interest in Coronado North, a
732-unit multifamily community located in Newport Beach, California. The
newly acquired property is unencumbered.
Commenting on the acquisition, Keith R. Guericke, President and Chief
Executive Officer stated, "I am pleased with the acquisition of Fairwood Pond
Apartments, and optimistic with the recovery that we are seeing in our Seattle
markets. This transaction demonstrates Essex's commitment to its targeted
high-barrier-to-entry markets, and the reliability of its proprietary research
model that the Company has been utilized over the last 18 years."
Fairwood Pond Apartments was developed in 1997 and encompasses 194 units.
The property offers five floor plans that range in size from 754 square-feet
for a one-bedroom, one-bath unit, up to 1,212 square-feet for a three-bedroom,
two-bath unit. Each apartment home has a fireplace, built-in washers and
dryers and state-of-the-art appliances. The community offers a variety of
common area amenities, which also include garage and covered carport parking.
Scenic views of a nearby wildlife reserve are an added natural amenity coupled
with the convenience of major job nodes, such as Boeing's Renton facility,
Valley Medical Center as well as the City of Bellevue and the Kent Valley
industrial corridor and the Community's proximity to major retail venues.
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 112 multifamily properties
(23,310 units), and has 826 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.
Forward looking statement -- The statements which are not historical facts
contained in this release such as the Company's beliefs and expectations
regarding the recovery of the Seattle market and Essex's proprietary research
model, 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, unexpected changes in the Seattle
market and unexpected changes in demand for rental units in that market, and
other risks detailed in the Company's Securities and Exchange Commission
filings. All forward-looking statements are made as of today, and the Company
assumes no obligation to update this information. For more details relating
to risk and uncertainties that could cause actual results to differ materially
from those anticipated in our forward-looking statements, and risks to our
business in general, please refer to our SEC filings, including our most
recent Report on Form 10-Q for the period ending, June 30, 2004 and Form 10-K
for the year ended December 31, 2003.
Michael J. Schall Mary C. Jensen
Chief Financial Officer Director of Investor Relations
650-849-1600 650-849-1656
SOURCE Essex Property Trust, Inc.
-0- 11/02/2004
/CONTACT: Michael J. Schall, Chief Financial Officer, +1-650-849-1600, or
Mary C. Jensen, Director of Investor Relations, +1-650-849-1656, both of Essex
Property Trust, Inc./
/Web site: http://www.essexpropertytrust.com /
(ESS)
CO: Essex Property Trust, Inc.
ST: California
IN: FIN RLT
SU: TNM
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