Contact Information: Contact: Nicole Culbertson (650) 849-1649
Essex Property Trust Acquires Premier Asset in Irvine, CA
| Source: Essex Property Trust, Inc.
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
www.essexpropertytrust.com.
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.