SOURCE: Essex Property Trust, Inc.
PALO ALTO, CA--(Marketwire - Oct 8, 2012) - Essex Property Trust, Inc. (NYSE: ESS), announced today the Company has purchased four apartment communities containing 464 units for a total purchase price of $119.8 million.
In August, the Company acquired Riley Square (formerly Waterstone Santa Clara) for $38.3 million. Built in 1972, the property contains 156 units located in Santa Clara, California. The community was purchased in our Wesco I, LLC joint venture of which Essex has a 50% interest. The joint venture assumed a $17.5 million mortgage loan secured by the property at a fixed rate of 5.2% for a term of 8 years.
Park West, a 126 unit apartment community located in San Francisco, California, was acquired in late September for $31.6 million. The property was built in 1958 and contains six different buildings. The Company intends to renovate the exterior of the community for $8 million. Park West is located in a highly desirable part of the city with access to multiple job nodes, entertainment venues and outdoor recreation areas.
In late September, the Company acquired Domaine, a 92 unit property located in Seattle, Washington. The property was purchased for $34.0 million. The Company assumed a $14.6 million loan at a fixed rate of 5.7% for an 8 year term. Built in 2009, the community contains high-end finishes and floor to ceiling windows, allowing spectacular views of Lake Union and the Cascade mountains. The property is located in the Queen Anne district of Seattle and within two miles of Amazon's corporate headquarters and the Bill and Melinda Gates Foundation.
Ascent, a 90 unit community located in Kirkland, Washington, was acquired in October for $15.9 million. The property is located adjacent to our Montebello community acquired in July 2012. Built in 1988, Ascent is located less than five miles from the headquarters of Microsoft, Nintendo and Concur Technologies.
About Essex Property Trust, Inc.
Essex Property Trust, Inc., an S&P 400 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages apartment communities located in highly desirable, supply-constrained markets. Essex currently has ownership interests in 165 multifamily properties with an additional 9 properties in various stages of development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com. If you would like to receive future press releases via e-mail-please send a request to firstname.lastname@example.org.