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.