SOURCE: Essex Property Trust, Inc.

Essex Property Trust, Inc.

May 10, 2011 16:56 ET

Essex Announces Joint Venture and Acquires Interest in 373-Unit Oxnard Community

PALO ALTO, CA--(Marketwire - May 10, 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 Arbors at Parc Rose, a 373-unit community located in Oxnard, California through a newly formed programmatic joint venture with an undisclosed institutional partner.

The property was acquired for $92 million and consists of a mix of one, two and three bedroom townhomes each with an attached garage. Amenities at the community include a fitness center, community room as well as a pool and spa. Each unit features nine-foot ceilings, a washer and dryer, as well as a gas fireplace in most units. The property provides residents easy commute access to Ventura, Santa Barbara and Thousand Oaks and is walking distance to 'Shopping at the Rose,' a large retail center featuring a variety of shopping and dining options.

The Company purchased The Arbors at Parc Rose in a 50/50 joint venture. Essex will receive management fees and may earn a promoted interest.

The joint venture may invest up to $500 million, focused in stabilized multifamily properties in Essex's markets. Total equity commitment is $200 million with 50% contribution from each partner. The joint venture has a 2-year investment period during which the partners may elect to convert the joint venture into a multi-investor club fund.

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 150 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