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Essex Purchases and Begins Construction on Two Communities in Downtown San Francisco
PALO ALTO, CA -- (Marketwire) -- 06/15/12 -- Essex Property Trust, Inc. (NYSE: ESS), announced today the purchase of two adjacent land parcels in San Francisco, California for the development of two nine story apartment communities containing a total of 463 apartment homes and approximately 9,300 square feet of retail space. The two development communities are located near Moscone Center in the SOMA district of San Francisco. The Company expects the properties to open in the spring of 2014 for a total cost of approximately $250 million.
The Company has entered into a co-investment partnership with an institutional investor for the development of the two communities. The Company will have a 55% interest in the venture and will earn development, asset and property management fees and may earn a promoted interest.
Amenities at the properties will include an urban park, rooftop decks, clubhouse with chef's kitchen, movie theater, fitness center and spa. The site is located in close proximity to high paying jobs, shopping, entertainment and multiple nodes of public transportation.
Michael J. Schall commented, "We are very pleased to announce the land closing and construction start of another in-fill urban apartment community located in one of the most vibrant San Francisco sub-markets. Over the long term, San Francisco has led most major U.S. metropolitan areas in rent growth given its unique combination of limited housing supply, dynamic job base, and desirable quality of life."
Essex Property Trust, Inc., an S&P 400 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 158 apartment communities with an additional 8 properties in various stages of active development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com.
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