Essex Announces Silicon Valley and Orange County Acquisitions.

Business Editors

PALO ALTO, Calif.--(BUSINESS WIRE)--April 21, 2000

Essex Property Trust, Inc. (NYSE:ESS) today announced the acquisition of two apartment communities located in premier California locations. Essex acquired The Carlyle, a 132-unit apartment community located in San Jose, and Barclay Apartments, consisting of 161 apartment homes located in Anaheim. Both the construction and leasing of the Carlyle was recently completed, and the property was purchased pursuant to a previously announced agreement with a local developer.

The Carlyle is located within proximity to the technology businesses that thrive in Silicon Valley. The property was acquired for a contract price of $18.5 million, which may be increased by an additional contingent payment to the seller. This additional contingent payment will be determined within 18 months of the acquisition, and will be the amount which results in an unleveraged yield to Essex equal to 8.5 percent of the total consideration paid. Located approximately five miles from downtown San Jose, residents have access to several urban attractions including, the Museum of Modern Art, Center for the Performing Arts, Children's Discovery Museum, and the city's most popular restaurants. The Carlyle features 48 one-bedroom apartments, 48 two bedrooms, and 36 three-bedroom apartment homes. Apartment home features include full-size washer/dryers, walk-in closets, and nine-foot ceilings. In addition, Essex offers residents an attractive value-added amenity package that includes private garages, exercise facility, business center, pool, and spa area--all in a private, gated community.

Barclay Apartments, located in Orange County's vibrant city of Anaheim, was acquired for a contract price of $10.7 million. The Barclay is a garden-style apartment community offering 80 one-bedroom units, and 81 two-bedroom units. Located near two major freeways, Barclay Apartments allows access to shopping, employment and entertainment. Amenities include pool and spa areas, laundry facilities and covered parking. Apartment homes feature central air conditioning and private patios or balconies.

Essex Property Trust, Inc., located in Palo Alto 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 communities. The Company currently has ownership interests in 71 multifamily properties (15,735 units), and has 1,044 units 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 [e-mail].

The statements which are not historical facts contained in this release such as the Company's beliefs regarding targeted returns on investments, future internal growth and expectations regarding the timing of future leasing activities, future redevelopment projects and future development projects are forward looking statements that involve risks and uncertainties which could cause actual results to be different than such forward looking statements, including, but not limited to, market demand, the effect of economic conditions, the timing of development and renovation projects, the impact of competition and competitive pricing, the result of financing efforts, the effect of the Company's accounting policies and other risks detailed in the Company's Securities and Exchange Commission filings.