Essex purchases another Southern California property.

PALO ALTO, Calif.--(BUSINESS WIRE)--June 3, 1997--Essex Property Trust Inc. (NYSE:ESS) announced the purchase of Kings Road Apartments, 194 units in West Los Angeles.

The property was purchased for a contract price of $12.9 million. Currently 95 percent occupied, the property is located in the desirable Melrose district of West Los Angeles, an area with very limited land available for new construction of multifamily properties.

Keith Guericke, Essex's president and chief executive officer added that "Kings Road fits the Essex criteria for acquiring properties in suburban in-fill locations which are not subject to the threat of overbuilding. These areas, in addition to being supply-constrained, are highly desirable neighborhoods in terms of location, safety and access to transportation.

"This combination of factors leads to the high occupancy rates and rental rate increases Essex has been able to achieve. Our same property multifamily portfolio was 97 percent occupied at the end of the first quarter of 1997, and during that quarter our same property multifamily property revenues increased 9.7 percent compared to the 1996 first quarter."

Built in 1979, Kings Road Apartments has a comprehensive amenity package, including patios and balconies, garages, dishwashers, pool, spa, sauna, extra storage and a fitness center. Guericke went on to say that "Kings Road was purchased at about 70 percent of replacement cost with a per unit purchase price of $66,500. Our ability to acquire buildings below replacement cost creates value for stockholders."

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). Self-administered and self-managed, Essex focuses on multifamily properties in targeted West Coast markets, specifically the San Francisco, Seattle, Southern California and Portland metropolitan areas.

Currently, Essex has ownership interests in thirty-six multifamily properties (7,846 units), accounting for approximately 93% of its revenue.

CONTACT: Essex Property Trust Inc.

Keith Guericke, 415/494-3700 (President)

Wendy Carhart, 415/494-3700 (Investor Relations)