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
Inman Connect Black Friday Sale! Bundle our next two events or secure your 2021 All Access Pass.SEE THE DEALS×
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