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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription