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                                                                    EXHIBIT 99.1



NEWS RELEASE

FOR:     ESSEX PROPERTY TRUST, INC.
         (NYSE Symbol: "ESS")

CONTACT: Keith Guericke     FOR RELEASE: IMMEDIATELY
         (415) 494-3700

                  ESSEX PROPERTY TRUST, INC. CLOSES $40 MILLION
                     CONVERTIBLE PREFERRED STOCK TRANSACTION

PALO ALTO, Calif.

     July 1, 1996 -- Essex Property Trust (NYSE: ESS) today completed the
initial funding of the previously announced sale of the company's Series 1996A
Cumulative Convertible Preferred Stock to Tiger/Westbrook Real Estate Fund, L.P.

     A New York-based investment fund, Tiger/Westbrook has real estate assets
under management in excess of $1.6 billion. The transaction involves the
issuance of 1.6 million shares of stock at $25 per share for aggregate proceeds
of $40 million, paying a preferred dividend of 8.75%. The shares of preferred
stock are convertible into common stock at $21.875 per share, reflecting a
conversion premium of approximately 5% above the average closing price of the
common stock for the 30 trading days preceding the announcement of the
transaction.

     Pursuant to the agreement, Essex received $20 million today, with the
remaining $20 million to be funded at Essex's request upon shareholder approval.
The delayed funding mechanism allows Essex to flexibly match Tiger/Westbrook
capital infusions with its investment activity. Essex intends to use the
proceeds to acquire properties located in its target markets, which include
Northern California's Silicon Valley, Seattle, Portland and Southern California,
and to reduce outstanding indebtedness.

     Essex Property Trust, Inc. is a fully integrated real estate operating
company. Self-administered and self-managed, Essex focuses on multifamily
residential properties in the San Francisco, Seattle and Portland metropolitan
areas, and selected Southern California markets. Essex has ownership interests
in 22 multifamily properties (4,832 units), accounting for approximately 89% of
its revenue.