Sale of Coronado at Newport South Closes
PALO ALTO, Calif., April 12 /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 the
Company and the Essex Apartment Value Fund ("Fund I") have sold their
ownership interests in Coronado at Newport South, a 715-unit apartment
community located in Newport Beach, California, for a contract sales price of
approximately $106 million. Essex is a 1% general partner and 20.4% limited
partner in Fund I.
The sale of Coronado at Newport South was one of the sixteen Fund I
apartment communities that are being sold to United Dominion Realty Trust,
Inc. ("UDR") for an aggregate contract price of approximately $756 million, as
previously disclosed in the Company's press release dated September 7, 2004.
To date, the sale of fifteen apartment communities, aggregating 4,396 units,
which were provided for in the purchase and sale agreement with UDR have
closed for a combined contract price of approximately $693 million.
One property remains to be sold under the existing agreements -- River
Terrace, a newly developed 250-unit apartment community located in Santa
Clara, California that is currently in lease up. The sale of River Terrace is
expected to close on or before September 30, 2005.
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 121 multifamily properties (25,281
units), and has 657 units in various stages of development. Additional
information about Essex can be found on the Company's web site at
www.essexpropertytrust.com.
This press release will be filed electronically on Form 8-K with the
Securities and Exchange Commission and can be accessed on the Company's Web
site at www.essexpropertytrust.com.
If you are unable to obtain the information via the Web, please contact
the Company's Investor Relations Department at 650-494-3700.
Forward looking statement -- The statements which are not historical facts
contained in this release such as the Company's beliefs and expectations
regarding the anticipated closing dates of the Fund I properties to be sold to
UDR, 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 difficulties and
unexpected contractual issues in completing the sale of the remaining Fund I
properties, 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, September
30, 2004 and Form 10-K for the year ended December 31, 2004.
CONTACT: Mary C. Jensen, Director of Investor Relations,
+1-650-849-1656.
SOURCE Essex Property Trust, Inc.
-0- 04/12/2005
/CONTACT: Mary C. Jensen, Director of Investor Relations of Essex
Property Trust, Inc., +1-650-849-1656/
/Web site: http://www.essexpropertytrust.com /
(ESS)
CO: Essex Property Trust, Inc.; Coronado at Newport South
ST: California
IN: FIN RLT
SU:
UC-TX
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7937 04/12/200513:53 EDThttp://www.prnewswire.com