Essex Property Trust Inc. announced that the Essex Apartment Value Fund II has acquired Echo Ridge Apartments, a 120-unit apartment community in Snoqualmie, Wash. The value of the transaction was approximately $17.9 million. Echo Ridge Apartments is a 5-year-old community that is located approximately 25 miles east of Seattle. The community is comprised of 21 two-story apartment buildings, and is at the epicenter of Snoqualmie Ridge, a 1,300-acre master-planned community. The common amenities include an outdoor pool and spa, 24-hour fitness center and business center. 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. ...
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