Essex sells apartment portfolio for $97.5 million

Four communities are located in Oregon and Washington
Published on Dec 7, 2007

Essex Property Trust has sold four apartment communities in Washington and Oregon for a total of $97.5 million, the company announced this week. The communities include: --Landmark Apartments in Hillsboro, Ore., which includes 200 units; --Jackson School Village in Hillsboro, Ore., which includes 285 units; --Meadows at Cascade Park in Vancouver, Wash., which includes 198 units; and --Village at Cascade Park in Vancouver, Wash., which includes 192 units. The proceeds from the sale will be used in a tax-free reverse exchange for the purchase of Mill Creek at Windermere, a 400-unit community the company acquired in September 2007. The company said it decided to exit the Portland market due to a greater risk of increased supply of rental and for-sale housing compared to its other core markets. Palo Alto, Calif.-based Essex Property Trust (NYSE: ESS) is a real estate investment trust focused on west coast communities. ...

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