SOURCE: Essex Property Trust, Inc.

Essex Property Trust, Inc.

January 05, 2010 16:20 ET

Essex Property Trust Acquires Premier Asset in Irvine, CA

PALO ALTO, CA--(Marketwire - January 5, 2010) - Essex Property Trust, Inc. (NYSE: ESS), a fully integrated Real Estate Investment Trust (REIT) that invests in apartment communities located in highly desirable, supply-constrained markets, announced today that the Company has acquired DuPont Lofts, a 115-unit condominium development project in Irvine, California for $27 million.

The project is 85 percent complete and will require an additional six months of construction and estimated completion costs of $6 million, consisting primarily of unit interior finishes. Following construction, the Company intends to operate the asset as an apartment community.

Regarding the purchase, Craig Zimmerman, Executive Vice President of Acquisitions stated, "This unique transaction afforded us the opportunity to acquire a condominium quality property in a desirable location that was priced well below replacement cost. Additionally, the high-end finishes at the property, coupled with the large renter population in the immediate area, lead us to believe that the asset will successfully be able to command premium rent once completed." He continued, "DuPont Lofts is one of the few deals we have seen of this nature in the marketplace and is representative of Essex's overall acquisitions strategy to add value by seeking out exceptional deals that are often un-marketed and will prove accretive to the overall portfolio."

The community consists of one four-story building over two garage levels and features two and three bedroom floorplans ranging from 943-2,300 square feet. All units feature 11-foot ceilings, custom finishes, a washer and dryer and a fireplace. Community amenities will consist of a fitness center, business center, pool and spa as well as a barbecue area. DuPont Lofts is located a few blocks from John Wayne International Airport, nearby major freeways and local shopping and dining.

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 markets. Essex currently has ownership interests in 133 apartment communities (27,221 units), and has 581 units in various stages of development. Additional information about Essex can be found on the Company's web site at

Forward-looking statement -- The statements which are not historical facts contained in this release such as the statements regarding the expected premium rental rates at DuPont Lofts and the renter population in the market DuPont Lofts is located in, 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 DuPont Lofts is 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 September 30, 2009 and Form 10-K for the year ended December 31, 2008.

Contact Information

  • Contact:
    Nicole Culbertson
    (650) 849-1649