SOURCE: Essex Property Trust, Inc.

Essex Property Trust, Inc.

December 20, 2010 18:40 ET

Essex Acquires Two Condominium Communities in Southern California

PALO ALTO, CA--(Marketwire - December 20, 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 Anavia, a 250-unit condominium community in Anaheim, California, for an undisclosed amount (per an agreement with the seller) and 416 on Broadway, a 115-unit condominium community located in Glendale, California, for $43 million. The Company intends to manage both properties as rental communities.

Following the acquisitions, President and CEO, Keith R. Guericke, stated, "We are pleased to announce the addition of two more condominium communities to our portfolio and thus far, in 2010, we have acquired 12 communities for approximately $584 million. These acquisitions further our strategy to allocate capital to markets we believe will outperform in the coming years as supply pipelines diminish and job growth continues." Mr. Guericke proceeded, "Additionally, these communities have the ability to be converted back into condominiums when the for-sale housing market recovers, increasing their return potential relative to traditional apartments."

Anavia
Anavia was built in 2009 as a condominium community and later leased up as a rental property by the seller. Currently, the community is 82% occupied and represents one of the few remaining properties in lease up in the 'Platinum Triangle' area. The property consists of one five-story building over two levels of parking and includes one, two and three bedroom units with an average unit size of 1,249 square feet.

Property amenities include a media/game room, fitness center, yoga room and a pool and spa area featuring cabanas, fire pits and barbecue grills. Each unit features granite countertops, cherry wood cabinetry, nine-foot ceilings, a walk-in closet and a full size washer and dryer.

Anavia is located across the street from Angel Stadium and surrounded by 5 major freeways allowing residents easy commute access within close proximity to Disneyland, The Honda Center and the Grove of Anaheim.

416 on Broadway
The Company also acquired 416 on Broadway which was completed in April 2009 and leased up as a rental community. Currently, the property is 93% occupied. 416 on Broadway is composed of one 4-story building over two levels of parking and consists of one and two bedroom floor plans. The average unit size is 1,102 square feet.

Amenities at the property include a fitness center and a garden lounge area with built in gas barbecues as well as over 8,000 square feet of ground floor retail space. Unit amenities include granite countertops, stainless steel appliances, nine and ten foot ceilings and a washer and dryer.

The property is located nearby several large employers including Nestle USA and Dreamworks Animation and provides ideal commute access to Pasadena, Burbank and downtown Los Angeles. Additionally, the community is three blocks from the American at Brand shopping center and the Glendale Galleria offering a variety of shopping, dining and entertainment options for residents. 

About Essex Property Trust, Inc.
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 144 apartment communities with an additional 5 properties 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 outperformance, attractive returns from conversion of the properties back to condominiums of Anavia and 416 on Broadway, and the economic supply and demand and job growth in the markets in which Anavia and 416 on Broadway are located in as well as any statements regarding growth and return on investments, 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 and for-sale properties in the markets in which Anavia and 416 on Broadway are located and growth of the Company. 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, 2010 and Form 10-K for the year ended December 31, 2009.

Contact Information

  • Nicole Culbertson
    (650) 849-1649

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