PALO ALTO, Calif., Oct. 4 /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
Essex Apartment Value Fund II ("Fund II") (An affiliate of Essex Property
Trust, which has a 28.2 percent interest as a general partner and limited
partner in Fund II) has acquired Morning Run Apartments, a 222-unit apartment
community located in Monroe, Washington for a contract price of approximately
$19.75 million.
In regards to the acquisition, Keith Guericke, President and Chief
Executive Officer stated, "This is a unique property that offers a high-
quality of life and convenient access to local employment centers." Mr.
Guericke continued, "We expect to see increased rental growth as the city of
Monroe continues to develop as a vital location within the greater Puget Sound
market."
Morning Run Apartments was built in 1991, consists of 20, two and three-
story buildings and is located on 11 acres. The property's unit composition is
as follows:
Units Type Square Feet
12 1-bedroom, 1-bath 758
49 2-bedroom, 1-bath 922
53 2-bedroom, 2-bath 992
60 2-bedroom, 2-bath 1010
48 3-bedroom, 2-bath 1132
The property is located near world class fishing, rafting, skiing and
hiking as well as a wide variety of shopping and entertainment areas and
expanding job nodes. The community contains an outdoor pool and spa, state of
the art fitness center and business center. Each unit features modern finishes
including vaulted ceilings and wood-burning fireplaces as well as a washer and
dryer. All units are also equipped to provide high-speed internet access.
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 125 multifamily properties (25,950
units), and has 607 units in various stages of development. Additional
information about Essex can be found on the Company's web site at
www.essexpropertytrust.com.
Forward looking statement -- The statements which are not historical facts
contained in this release such as the statements regarding the expected above
average rental growth in the market in which Morning Run Apartments are
located and the job and population growth in such market are forward looking
statements that involve risks and uncertainties, including but not limited to,
unexpected changes in the economic conditions and market demand for rental
units in the market in which Morning Run Apartments are located. 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, 2005 and Form 10-K for the year
ended December 31, 2004.
MARY C. JENSEN
DIRECTOR OF INVESTOR RELATIONS
(650) 849-1656
SOURCE Essex Property Trust, Inc.
-0- 10/04/2005
/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.
ST: California, Washington
IN: FIN RLT
SU: RLE
JO
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6995 10/04/200514:00 EDThttp://www.prnewswire.com