SOURCE: Essex Property Trust, Inc.

December 06, 2007 12:33 ET

Essex Sells Portland Portfolio for $97.5 Million

PALO ALTO, CA--(Marketwire - December 6, 2007) - Essex Property Trust, Inc. (NYSE: ESS), a real estate investment trust (REIT) that invests in apartment communities located in targeted west coast markets, announced today that it has sold 4 communities (875 units) in Washington and Oregon for a total of $97.5 million. 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 sold the following assets:

--  Landmark Apartments, Hillsboro, OR (200 units)
--  Jackson School Village, Hillsboro, OR (285 units)
--  Meadows at Cascade Park, Vancouver, WA (198 units)
--  Village at Cascade Park, Vancouver, WA (192 units)

The Company 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.

Essex Property Trust, Inc., located in Palo Alto, California and traded on the New York Stock Exchange (ESS), is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected west coast communities. Essex currently has ownership interests in 134 apartment communities (27,489 units), and has 1,108 units in various stages of development.

Contact Information

  • Nicole Christian
    (650) 849-1649