Essex Announces Joint Venture and Acquires Interest in 373-Unit Oxnard Community for $92M, May Invest Up To $500M (ESS)

Essex Property Trust, Inc. ESS a fully integrated Real Estate Investment Trust that invests in apartment communities located in highly desirable, supply-constrained markets, announced today that the Company has acquired Arbors at Parc Rose, a 373-unit community located in Oxnard, California through a newly formed programmatic joint venture with an undisclosed institutional partner. The property was acquired for $92 million and consists of a mix of one, two and three bedroom townhomes each with an attached garage. Amenities at the community include a fitness center, community room as well as a pool and spa. Each unit features nine-foot ceilings, a washer and dryer, as well as a gas fireplace in most units. The property provides residents easy commute access to Ventura, Santa Barbara and Thousand Oaks and is walking distance to 'Shopping at the Rose,' a large retail center featuring a variety of shopping and dining options.