SOURCE: Essex Property Trust

September 13, 2007 16:34 ET

Essex Property Trust Acquires Additional Asset in Distinguished East Bay Community

PALO ALTO, CA--(Marketwire - September 13, 2007) - 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 Mill Creek at Windermere, a 400-unit community located in San Ramon, California, for approximately $100.5 million.

"This was an excellent transaction for Essex as it afforded us the opportunity to acquire a premier 2-year-old community for well below current replacement costs," said Keith Guericke, President and Chief Executive Officer. He continued, "We anticipate steady rental growth over the next few years as a direct result of increased job growth and limited supply in the San Ramon area."

Built in late 2005, Mill Creek at Windermere is located in the city of San Ramon, a short distance from major job nodes and Highways 580 and 680. The property is situated within Windermere, a 2,300-acre master planned community featuring new single-family residences, excellent K-12 schools, a community college and retail shopping. The Company recently acquired Canyon Oaks, also located in the Windermere community, allowing both properties to share management resources.

The property consists of 20 three-story buildings with 206 separate garages available to most residents. Community amenities feature media room, fitness center, swimming pool and Jacuzzi as well as a picnic area with barbecue grills. Unit amenities include vaulted ceilings, crown molding, full-size washer and dryer in each unit, as well as large patios or balconies.

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 137 apartment communities (28,208 units), and has 1,108 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 above average rental growth in the market in which Mill Creek at Windermere Apartments is located and the job and population growth in such market 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 Mill Creek at Windermere Apartments are 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 June 30, 2007 and Form 10-K for the year ended December 31, 2006.

Contact Information

  • Contact:
    Nicole Culbertson
    (650) 849-1649