Essex Announces Joint Venture and Acquires Interest in 373-Unit Oxnard Local community

Essex House Rely on, Inc. (NYSE: ESS) a completely integrated Serious Estate Investment Have confidence in (REIT) that invests in apartment communities found in remarkably desirable, supply-constrained markets, declared presently that the Agency has acquired Arbors at Parc Rose, a 373-unit community situated in Oxnard, California via a newly formed programmatic joint venture with an undisclosed institutional companion.

The home was acquired for $92 million and is composed of a combine of 1, two and 3 bedroom townhomes each and every with an attached garage. Features at the neighborhood embody a fitness center, community place as very well as a pool and spa. Every single unit attributes nine-foot ceilings, a washer and dryer, as well as a fuel fireplace in most units. The property supplies residents basic commute accessibility to Ventura, Santa Barbara and Thousand Oaks and is strolling distance to 'Shopping at the Rose,' a huge retail middle featuring a variety of browsing and dining opportunities.

The Small business ordered The Arbors at Parc Rose in a fifty/50 joint venture. Essex will get management service fees and might possibly make a promoted curiosity.

The joint venture could possibly make investments up to $500 million, concentrated in stabilized multifamily attributes in Essex's markets. Total equity dedication is $200 million with 50% contribution from each companion. The joint venture has a two-yr investment time period for the duration of which the partners would probably elect to convert the joint venture into a multi-investor club fund.

Essex Property Believe in, Inc., positioned in Palo Alto, California and traded on the New York Stock Exchange (ESS), is a completely integrated genuine estate investment have confidence in (REIT) that acquires, develops, redevelops, and manages multifamily residential attributes in chosen West Coast markets. Essex presently has ownership interests in a hundred and fifty apartment communities with 4 communities under development. More content about Essex can be uncovered on the Company's world wide web online site at www.essexpropertytrust.com .

Nicole Culbertson (650) 849-1649