Essex Property Trust, Inc. Enhances Its Presence in San Diego County.Business Editors/Real Estate Writers 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)--Aug. 31, 2001 The Company's Newly Formed Apartment Fund Acquires 500-Unit Multifamily Property in Chula Vista, California “Chula Vista” redirects here. For the area in Florida, see Chula Vista, Florida. Chula Vista is a city in southern San Diego County, California, United States. Essex Property Trust, Inc. (NYSE NYSE See: New York Stock Exchange :"ESS (1) (Electronic Switching System) A large-scale computer from Lucent used to route telephone calls in a telephone company office. The 5ESS is a Class 5 central office switch, and the 4ESS is a Class 4 tandem office switch. ") announced today that its Essex Apartment Value Fund, L.P. (the "Fund") has acquired Marbrisas Apartments for a contract price of $62 million. The asset is a 500-unit multifamily property, which was built in 1991 and is located in Chula Vista, California. Commenting on the transaction, Keith R. Guericke, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "This acquisition enhances the Company's presence in the vibrant San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. market where new demand for multi-family living has consistently outpaced the supply since 1996 and where growth is fueled by in-migration of skilled workers seeking the county's high quality of life." With the addition of the Marbrisas property, 7 stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. multi-family assets - 5 assets in 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, and 2 assets in Oregon - have been acquired on behalf of the Fund for an approximate aggregate contract price of $185 million.
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Name Location Units
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Rosebeach Apartments La Mirada, California 174
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Woodland Apartments Orange, California 90
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El Encanto Tustin, California 116
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The Crest at Phillips Ranch Pomona, California 501
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Marbrisas Chula Vista, California 500
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Andover Park Apartments Beaverton, Oregon 240
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Hunt Club Lake Oswego, Oregon 256
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Total Units 1,877
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The Company has also identified 2 development projects located in Southern California that are expected to be contributed to the Fund. Commenting on the Fund, Keith R. Guericke, President and CEO stated, "The Fund allows the Company to continue its strategy in acquiring, developing and redeveloping assets using a value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. financial structure that is beneficial to the Company and its partners." Mr. Guericke continued, "Essex will aggressively pursue apartment investment opportunities which, similar to Marbrisas Apartments, are located in upscale communities along the West Coast." Essex Property Trust, Inc., located in Palo Alto, California “Palo Alto” redirects here. For other uses, see Palo Alto (disambiguation). Palo Alto (IPA: /ˌpæloʊˈʔæltoʊ/, from Spanish: palo: "stick" and alto: "high", i.e. 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). ) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast communities. Essex currently has ownership interests 85 multifamily properties (19,414 units), and has 1,673 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 abernardini@essexpropertytrust.com. 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. |
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