Pacific Northwest apartments sold for $21 million

Essex buys near Seattle

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Essex Property Trust acquired Fairwood Pond Apartments, a 194-unit apartment community located in Renton, Wash. The value of the transaction was approximately $21.1 million. Fairwood Pond Apartments, developed in 1997, offers five floor plans that range in size from 754 square feet for a one-bedroom, one-bath unit, up to 1,212 square feet for a three-bedroom, two-bath unit. Each apartment home has a fireplace, built-in washers and dryers. The community offers a variety of common-area amenities, which also include garage and covered carport parking. A wildlife reserve is a nearby attraction. Palo Alto, Calif.-based Essex Property Trust Inc. is a fully integrated real estate investment trust that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast communities. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....