Essex Invests $30 Million in Huntington Beach; Company Continues Southern California Acquisitions.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--Oct. 2, 1997--Essex Property Trust Inc. (NYSE NYSE See: New York Stock Exchange :ESS) today announced the acquisition of Huntington Breakers, a 342-unit multifamily community ideally located a block from the beach in one of Orange County's premier communities. Essex purchased the property at a cash price of $30.4 million, bringing the total Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, multifamily investment of the Company to over $144 million so far this year. Keith Guericke, Essex's president and chief executive officer, noted that "the irreplaceable location of Huntington Breakers, strong job growth in the area, high quality of life and newer age of the property make it an ideal addition to Essex's portfolio." Essex currently owns 44 multifamily properties in four major West Coast markets, for a total of 9,226 units. Residents at Huntington Breakers enjoy a pool, spa, tennis court, fitness center, basketball court and volleyball court. The community contains studio, one and two-bedroom units, with 60 percent of the units being townhomes. Guericke noted that "in addition to its one-of-a-kind location, Huntington Breakers has townhome floorplans, which add to its uniqueness in the market. Built in 1984, the property is newer than most of the competing housing stock in the beach cities The Beach Cities (sometimes Bay Cities) of Southern California include Manhattan Beach, Hermosa Beach and Redondo Beach. All three cities are renowned for their beaches. ." Essex Property Trust Inc., located in Palo Alto and traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (ESS), is a fully integrated Real Estate Investment Trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ). Self-administered and self- managed, Essex focuses on multifamily properties in targeted West Coast markets, specifically the San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Seattle, Southern California and Portland metropolitan areas The Portland-Vancouver, Oregon-Washington, Metropolitan Statistical Area, also known as the Portland metropolitan area or Greater Portland, is an urban area in the U.S. states of Oregon and Washington centered around the city of Portland, Oregon. . Currently, Essex has ownership interests in 44 multifamily properties (9,226 units), accounting for approximately 95 percent of its revenue. Essex also has 988 multifamily units in various stages of development. Additional information can be located on the world wide web at www.essexproperties.com . The statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including, but not limited to, market demand, the effect of economic conditions, the impact of competition and competitive pricing, the result of financing efforts, the timing of development projects, the effect of the company's accounting policies and other risks detailed in the company's Securities and Exchange Commission filings. CONTACT: Essex Property Trust Inc., Palo Alto Keith Guericke/Wendy Carhart, 650/494-3700 |
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