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March 28, 2014
16:06 EDTESS, BREEssex shareholders approve issuance of shares in connection with BRE merger
Essex Property Trust (ESS) announced that at its special meeting of stockholders, stockholders approved the issuance of shares of Essex common stock to the stockholders of BRE Properties (BRE) in connection with the merger of BRE with and into BEX Portfolio, a direct wholly owned subsidiary of Essex formerly known as Bronco Acquisition Sub, pursuant to the agreement and plan of merger. Approximately 87.1% of the outstanding shares of Essex common stock voted with respect to the proposed issuance and of those outstanding shares that voted, approximately 99.8% voted in favor of the issuance.
News For ESS;BRE From The Last 14 Days
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August 15, 2014
16:02 EDTESSEssex Property Trust acquires two apartment communities for $208.8M
Essex Property Trust announced the company has purchased two apartment communities for purchase prices totaling $208.8M. Apex Apartments, a 366 unit community located in Milpitas, CA, was purchased for $150M. The property was completed and fully stabilized in 2014. Amenities include a saltwater pool and spa, a fitness center, an outdoor entertainment area with multiple fire pits and BBQs, a movie theater, a Wi-Fi lounge and billiards room, and a demonstration kitchen. Apex is located about one mile from high paying jobs in North San Jose and is near a VTA Rail Station and the Milpitas BART station that is under construction. The property is unencumbered. Avalon Bellevue Park Apartments, a 220 unit community located in Bellevue, WA, was acquired for $58.8M. The property was constructed in 1994 and is located in downtown Bellevue, near employers, shopping, dining, and entertainment options. The company has assumed an existing $21.5M loan with an interest rate of 5.5%. The loan matures in June 2019.

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