SOURCE: Essex Property Trust, Inc.

Essex Property Trust, Inc.

September 22, 2011 18:01 ET

Essex Announces Investment & Joint Venture Activity

Acquires 925 Units in the Seattle Metro Area

PALO ALTO, CA--(Marketwire - Sep 22, 2011) - 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 two apartment communities in September -- The Bernard, located in Seattle, Washington and Redmond Hill located in Redmond, Washington.

Redmond Hill
Redmond Hill is a group of four communities built between 1985 and 2003 and consists of 882 units. The properties, which will be operated as two separate communities, were acquired for $151.3 million through the Company's previously announced programmatic joint venture, Wesco I, LLC ("Wesco"). The Company intends to renovate portions of each property, beginning with building exteriors and community amenities, to be followed by apartment interior upgrades. The strength of local technology companies near Redmond, including Microsoft and Nintendo coupled with the quality and superior location of the community and the Company's renovation plan support the expectation of strong rent growth and attractive returns. In conjunction with the acquisition, Wesco obtained two 10-year loans totaling $97.1 million secured by Redmond Hill at a fixed rate of 4.06%.

The Bernard
The Bernard is located in the Lower Queen Anne district of Seattle, Washington and consists of 63 units acquired for $13.8 million. The Company assumed a $9.4 million loan secured by the property at a fixed rate of 6.1% which matures in January 2019. The property contains a mix of studio, 1-bedroom and live/work floor plans that feature floor to ceiling windows. Unit amenities consist of a washer and dryer and a full kitchen, with select units offering balconies with views of the Space Needle or Puget Sound. The property is located in close proximity to Fountain Court and the Company's Queen Anne development providing for management efficiencies and is walking distance to several parks, recreational activities and nightlife.

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 152 apartment communities with 4 communities under construction. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com.

Contact Information

  • Nicole Culbertson
    (650) 849-1649