PALO ALTO, Calif., Jan. 26 /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 its
has purchased, the improvements of Marina City Club, located in Marina del
Rey, California, which include a 101-unit promenade apartment community, an
adjacent marina with approximately 340 boat slips and assorted retail space.
The total contract price was approximately $27.7 million. The improvements
are on a long-term ground lease with the County of Los Angeles that expires in
2067.
Marina City Club a quality asset that is located in the heart of Marina
del Rey, and one of the few apartment communities located directly on the
Marina. The property is comprised of 7 one-bedroom/one-bath units,
67 two-bedroom/two-bath units and 27 three-bedroom/two-bath units. An
attractive 2,500-foot pedestrian promenade bisects the apartment community and
the marina. Marina de Rey is conveniently located to major West Los Angeles
employment centers, and offers a high-quality of life.
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 122 multifamily properties
(26,113 units), and has 1,056 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 and expectations regarding the Company's
financing transactions, the Company's expectations regarding economic
conditions within the Seattle metropolitan area, and future rental growth and
occupancy in this area, 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
decreasing in the market demand for rental housing, unexpected increases in
the supply of rental housing, the effect of changes in economic conditions,
the impact of competition and competitive pricing, and other risks detailed in
the Company's Securities and Exchange Commission filings. All forward-looking
statements and reasons why results may differ included in this press release
are made as of the date hereof, and we assume no obligation to update any such
forward-looking statement or reason why actual results may differ.
CONTACT:
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- 01/26/2004
/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.; Marina City Club
ST: California
IN: FIN RLT
SU: TNM
MW-GF
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2323 01/26/200419:29 ESThttp://www.prnewswire.com