Essex Property Trust Announces Third Quarter Acquisition and Disposition Activity

Essex Property Trust, Inc. (NYSE: ESS) a real estate investment trust (REIT) that invests in apartment communities located in highly desirable, supply-constrained markets, announced today that is has acquired two properties for a total of $88.4 million, and sold two properties and two recreational vehicle parks for a gross sales price of $89.8 million.

On July 31, 2008, the Company acquired Chestnut Street Apartments located in Santa Cruz, California, for $22.1 million. The 96-unit garden-style property was built in 2002 and is centrally located near the ocean, downtown shopping and UC Santa Cruz. In addition, the property consists of approximately 9,000 square feet of retail and commercial space.

On August 20, 2008, the Company acquired The Highlands at Wynhaven, a 333-unit property located in Issaquah, Washington. The property, which was built in 2000, was acquired for $66.3 million and is part of "Issaquah Highlands," a renowned master-planned community featuring a variety of housing, commercial and retail space. The location also provides easy access to freeways and is a short drive to Seattle and Bellevue Central Business Districts. Property amenities include a fitness center, pool, spa and business center as well as access to private garages for townhome-style units.

In addition, the Company has sold the following assets during the third quarter of 2008:

--  Cardiff by the Sea (300 units) located in Cardiff, CA was sold for
    $71.0 million.

--  St. Cloud Apartments (302 units) located in Houston, TX was sold for
    $8.8 million.

--  Circle Recreational Vehicle Park located in El Cajon, CA was sold for
    $5.4 million.

--  Vacationer Recreational Vehicle Park located in El Cajon, CA was sold
    for $4.6 million.
    

Essex Property Trust, Inc., located in Palo Alto, California and traded on the New York Stock Exchange (ESS), is a fully integrated REIT that acquires, develops, redevelops, and manages apartment communities located in highly-desirable, supply-constrained markets. Essex currently has ownership interests in 133 communities (26,790 units), and has 1,658 units in active development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com.

Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com. If you would like to receive future press releases via e-mail-please send a request to investors@essexpropertytrust.com.