0227133.01
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
ESSEX PROPERTY TRUST, INC.
(Name of Issuer)
Shares of Common Stock, par value $.0001 per Share
(Title of Class of Securities)
29717810
(CUSIP Number)
Patrick K. Fox
Westbrook Real Estate Partners, L.L.C.
13155 Noel Road-LB54
Suite 2300
Dallas, Texas 75240
(972) 934-0100
with a copy to:
Allen Curtis Greer II
Cadwalader, Wickersham & Taft
100 Maiden Lane
New York, New York 10038
(212) 504-6660
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 20, 1998
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
Rule 13d-1(b)
- ----
X Rule 13d-1(c)
- ----
Rule 13d-1(d)
- ----
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP NO. 29717810.
<PAGE>
- -------------------------------- ---------------------------------
CUSIP No. 29717810 13G Page 2 of 22 Pages
- -------------------------------- ---------------------------------
- ------ ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WESTBROOK REAL ESTATE PARTNERS, L.L.C. --I.R.S. IDENTIFICATION NO. ____
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)___
(b)___
- ------ ------------------------------------------------------------------------
3 SEC USE ONLY
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------ ------------------------------------------------------------------------
- ------ -------- ---------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
-------- ------------------------------------------------------
-------- ------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,828,571
-------- ------------------------------------------------------
-------- ------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
-------- ------------------------------------------------------
-------- ------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,828,571
- -------- ------ ---------------------------------------------------------------
- -------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,828,571
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions)______
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.8%
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
OO
- -------- ----------------------------------------------------------------------
<PAGE>
- ----------------------------------- -------------------------------------
CUSIP No. 29717810 13G Page 3 of 22 Pages
- ----------------------------------- -------------------------------------
- ------ ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WESTBROOK REAL ESTATE PARTNERS MANAGEMENT I, L.L.C. --I.R.S.
IDENTIFICATION NO. ____
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)__
(b)__
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------ ------------------------------------------------------------------------
- ------ -------- ---------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
-------- ------------------------------------------------
-------- ------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,828,571
-------- ------------------------------------------------
-------- ------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
-------- ------------------------------------------------
-------- ------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,828,571
- --------------------- -------- ------------------------------------------------
- -------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,828,571
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)_____
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.8%
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
OO
- -------- ----------------------------------------------------------------------
<PAGE>
- ----------------------------------- -------------------------------------
CUSIP No. 29717810 13G Page 4 of 22 Pages
- ----------------------------------- -------------------------------------
- ------ ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WESTBROOK REAL ESTATE FUND I, L.P. --I.R.S. IDENTIFICATION NO. ____
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)___
(b)___
- ------ ------------------------------------------------------------------------
3 SEC USE ONLY
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------ ------------------------------------------------------------------------
- ------ -------- ---------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
-------- ------------------------------------------------
-------- ------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,828,571
-------- ------------------------------------------------
-------- ------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
-------- ------------------------------------------------
-------- ------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
- --------------------- -------- ------------------------------------------------
- -------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,828,571
- -------- -----------------------------------------------------------------------
- -------- -----------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)_____
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.8%
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
PN
- -------- ----------------------------------------------------------------------
<PAGE>
- ----------------------------------- -------------------------------------
CUSIP No. 29717810 13G Page 5 of 22 Pages
- ----------------------------------- -------------------------------------
- ------ ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WESTBROOK REAL ESTATE CO-INVESTMENT PARTNERSHIP I, L.P. --I.R.S.
IDENTIFICATION NO. ____
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)___
(b)___
- ------ ------------------------------------------------------------------------
3 SEC USE ONLY
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------ ------------------------------------------------------------------------
- --------------------- -------- ------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
-------- ------------------------------------------------
-------- ------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,828,571
-------- ------------------------------------------------
-------- ------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
-------- ------------------------------------------------
-------- ------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,828,571
- --------------------- -------- ------------------------------------------------
- -------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,828,571
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)_____
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.8%
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
PN
- -------- ----------------------------------------------------------------------
<PAGE>
- ----------------------------------- -------------------------------------
CUSIP No. 29717810 13G Page 6 of 22 Pages
- ----------------------------------- -------------------------------------
- ------ ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Gregory H. Hartman
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)___
(b)___
- ------ ------------------------------------------------------------------------
3 SEC USE ONLY
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------ ------------------------------------------------------------------------
- --------------------- -------- ------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
-------- ------------------------------------------------
-------- ------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,828,571
-------- ------------------------------------------------
-------- ------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
-------- ------------------------------------------------
-------- ------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,828,571
- --------------------- -------- ------------------------------------------------
- -------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,828,571
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions)_____
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.8%
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
IN
- -------- ----------------------------------------------------------------------
<PAGE>
- ----------------------------------- -------------------------------------
CUSIP No. 29717810 13G Page 7 of 22 Pages
- ----------------------------------- -------------------------------------
- ------ ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Jeffrey M. Kaplan
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)___
(b)___
- ------ ------------------------------------------------------------------------
3 SEC USE ONLY
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------ ------------------------------------------------------------------------
- --------------------- -------- ------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
-------- ------------------------------------------------
-------- ------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,828,571
-------- ------------------------------------------------
-------- ------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
-------- ------------------------------------------------
-------- ------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,828,571
- --------------------- -------- ------------------------------------------------
- -------- ----------------------------------------------------------------------
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,828,571
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions)______
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.8%
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
IN
- -------- ----------------------------------------------------------------------
<PAGE>
- ----------------------------------- -------------------------------------
CUSIP No. 29717810 13G Page 8 of 22 Pages
- ----------------------------------- -------------------------------------
- ------ ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Paul D. Kazilionis
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)___
(b)___
- ------ ------------------------------------------------------------------------
3 SEC USE ONLY
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------ ------------------------------------------------------------------------
- --------------------- -------- ------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
-------- ------------------------------------------------
-------- ------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,828,571
-------- ------------------------------------------------
-------- ------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
-------- ------------------------------------------------
-------- ------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,828,571
- --------------------- -------- ------------------------------------------------
- -------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,828,571
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions)_____
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.8%
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
IN
- -------- ----------------------------------------------------------------------
<PAGE>
- ----------------------------------- -------------------------------------
CUSIP No. 29717810 13G Page 9 of 22 Pages
- ----------------------------------- -------------------------------------
- ------ ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Jonathan H. Paul
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)___
(b)___
- ------ ------------------------------------------------------------------------
3 SEC USE ONLY
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------ ------------------------------------------------------------------------
- --------------------- -------- ------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
-------- ------------------------------------------------
-------- ------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,828,571
-------- ------------------------------------------------
-------- ------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
-------- ------------------------------------------------
-------- ------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,828,571
- --------------------- -------- ------------------------------------------------
- -------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,828,571
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions)_____
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.8%
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
IN
- -------- ----------------------------------------------------------------------
<PAGE>
- ----------------------------------- -------------------------------------
CUSIP No. 29717810 13G Page 10 of 22 Pages
- ----------------------------------- -------------------------------------
- ------ ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
William H. Walton III
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)___
(b)___
- ------ ------------------------------------------------------------------------
3 SEC USE ONLY
- ------ ------------------------------------------------------------------------
- ------ ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------ ------------------------------------------------------------------------
- --------------------- -------- ------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
-------- ------------------------------------------------
-------- ------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,828,571
-------- ------------------------------------------------
-------- ------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
-------- ------------------------------------------------
-------- ------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,828,571
- --------------------- -------- ------------------------------------------------
- -------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10.8%
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions)_____
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
- -------- ----------------------------------------------------------------------
- -------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
IN
- -------- ----------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
Page 11 of 22 Pages
- -------------------------------------------------------------------------------
This Schedule 13G (this "Schedule 13G") relates to the Schedule 13D, as
amended by Amendment No. 1 thereto and Amendment No.2 thereto, filed with the
Commission on behalf of the Reporting Persons (as so amended, the "Original
Schedule 13D"). The dates of the events which required filing of the Original
Schedule 13D were September 20, 1997, December 20, 1997 and March 20, 1998.
Pursuant to Exchange Act Release No. 34-39538, 63 Fed. Reg. 2854, 2856, this
Schedule 13G shall be deemed to amend the Original Schedule 13D. The Power of
Attorney attached to the Original Schedule 13D is hereby incorporated herein by
reference.
Item 1(a). Name of Issuer.
Essex Property Trust, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices.
777 California Avenue
Palo Alto, California 94304
Item 2(a). Names of Persons Filing.
(1) Westbrook Real Estate Partners, L.L.C. ("WREP")
(2) Westbrook Real Estate Partners Management I, L.L.C. ("WREM I")
(3) Westbrook Real Estate Fund I, L.P. ("WREF I")
(4) Westbrook Real Estate Co-Investment Partnership I, L.P. ("WRECIP I")
(5) Gregory H. Hartman ("Hartman")
(6) Jeffrey M. Kaplan ("Kaplan")
(7) Paul D. Kazilionis ("Kazilionis")
(8) Jonathan H. Paul ("Paul")
(9) William H. Walton III ("Walton")
Pursuant to Rule 13d-14 under the Act, WREF I disclaims beneficial
ownership of the WRECIP I shares; WRECIP I disclaims beneficial ownership of the
WREF I shares; and WREM I, WREP, Hartman, Kaplan, Kazilionis, Paul and Walton
each disclaim beneficial ownership of the WREF I shares and the WRECIP I shares.
Item 2(b). Address of Principal Business Office or, if none, Residence.
(1)-(4), (6), (8) and (9)
599 Lexington Avenue, Suite 3800
New York, New York 10022
(5)
11150 Santa Monica Boulevard, Suite 1450
Los Angeles, California 90025
<PAGE>
- -------------------------------------------------------------------------------
Page 12 of 22 Pages
- -------------------------------------------------------------------------------
(7)
284 South Beach Road
Hobe Sound, Florida 33455
Item 2(c). Citizenship.
(1) - (4) Delaware
(5) - (9) United States of America
Item 2(d). Title of Class of Securities.
Common Stock, par value $0.0001 per share.
Item 2(e). CUSIP Number.
29717810
Item 3.
If this statement is filed pursuant to ss.ss.240.13d-1(b) or 240.13d-2(b)
or (c), check whether the person filing is a:
(a)___ Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o).
(b)___ Bank as defined in section 39a)(6) of the Act (15 U.S.C. 78c).
(c)___ Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d)___ Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e)___ An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E);
(f)___ An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F);
(g)___ A parent holding company or control person in accordance with
ss.240.13d-1(b)(1)(ii)(G);
(h)___ A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i)___ A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of
1940 (15 U.S.C. 80a-3);
(j)___ Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to ss.240.13d-1(c), check this box X.
---
Item 4. Ownership.
(a) Amount beneficially owned: 1,828,571 shares
(b) Percent of class: 10.8%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 0
(ii) Shared power to vote or to direct the vote: 1,828,571
(iii) Sole power to dispose or to direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of:1,828,571
Item 5. Ownership of Five Percent or Less of a Class.
Inapplicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Inapplicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
Inapplicable.
Item 8. Identification and Classification of Members of the Group.
Inapplicable.
Item 9. Notice of Dissolution of Group.
Inapplicable.
<PAGE>
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Date: March 26, 1998
WESTBROOK REAL ESTATE PARTNERS, L.L.C.
By:/s/ Patrick K. Fox
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Date: March 26, 1998
WESTBROOK REAL ESTATE PARTNERS MANAGEMENT I, L.L.C.
By:/s/ Patrick K. Fox
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Date: March 26, 1998
WESTBROOK REAL ESTATE FUND I, L.P.
By:/s/ Patrick K. Fox
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Date: March 26, 1998
WESTBROOK REAL ESTATE CO-INVESTMENT PARTNERSHIP I, L.P.
By:/s/ Patrick K. Fox
Name: Patrick K. Fox
Title: Attorney-in-Fact
<PAGE>
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Date: March 26, 1998
/s/ Gregory H. Hartman
Gregory H. Hartman
<PAGE>
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Date: March 26, 1998
/s/ Jeffrey M. Kaplan
Jeffrey M. Kaplan
<PAGE>
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Date: March 26, 1998
/s/ Paul D. Kazilionis
Paul D. Kazilionis
<PAGE>
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Date: March 26, 1998
/s/ Jonathan H. Paul
Jonathan H. Paul
<PAGE>
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Date: March 26, 1998
/s/ William H. Walton III
William H. Walton III
