PALO ALTO, CA--(Marketwired - May 31, 2013) - Essex Property Trust, Inc. (
The Company has entered into a co-investment partnership with an institutional investor for the development of the community. The Company will have a 55% interest in the venture and will earn customary management fees and may earn a promoted interest.
Each home will have luxury finishes and floor to ceiling windows. Amenities at the community will include a lap pool, rooftop sun deck with BBQ area, state-of-the-art fitness center, Wi-Fi lounge, and clubhouse. The site is located in the heart of downtown San Jose near high paying jobs, shopping, restaurants, entertainment, and public transportation. Several commercial developments are underway or planned, as the city is seeking to incentivize employers to locate downtown. In addition, there are plans for a BART station across the street from our community which will connect downtown to San Francisco. One South Market scores 97 out of 100 on walkscore.com.
About Essex Property Trust, Inc.
Essex Property Trust, Inc., an S&P 400 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages apartment communities located in highly desirable, supply-constrained markets. Essex currently has ownership interests in 166 multifamily properties with an additional 9 properties in various stages of development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com.
- Real Estate
Director of Investor Relations