SOURCE: Essex Property Trust, Inc.

Essex Property Trust, Inc.

December 11, 2015 16:15 ET

Essex Property Trust Announces $245 Million Property Disposition

SAN MATEO, CA--(Marketwired - December 11, 2015) - Essex Property Trust, Inc. (NYSE: ESS) announced today the sale of Sharon Green Apartments for a contract price of $245 million, representing $828,000 per apartment home. The property was completed in 1970 and contains 296 apartment homes in Menlo Park, California.

The Company plans to redeploy a substantial portion of the proceeds into new acquisitions, and has entered into agreements to acquire two properties for a contract price of $166 million ($441,000/apartment home). The properties are less than two years old, comprise 376 apartment homes, and are located in downtown Los Angeles and San Jose, California. The Company expects these acquisitions to close before year-end.

About Essex Property Trust, Inc.

Essex Property Trust, Inc., an S&P 500 company, 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 244 apartment communities with an additional 9 properties in various stages of active development. Additional information about Essex can be found on the Company's web site at www.essex.com.

Contact Information

  • Contact Information
    Barb Pak
    Vice President of Finance & Investor Relations
    (650) 655-7800
    bpak@essex.com