Contact Information: Contact: Nicole Culbertson (650) 849-1649
Essex Property Trust Acquires Additional Asset in Distinguished East Bay Community
| Source: Essex Property Trust
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.