The Palo Alto, CA-based apartment REIT says it acquired thecomplex in "Oregon's golden zip code" because of the region's"improved demographic fundamentals." In announcing the acquisition,Essex President and CEO Keith Guericke says the company sees a"significant reduction in the development of multifamily housingalong with continued strong job growth," a situation he expectswill lead to increases in occupancy levels and rental revenues inthe region, which he's been seeing a lot of lately.

The acquisition comes after impressive third quarter earningslargely attributed to the strength of the company's Northwestportfolio. The company reported third quarter funds from operationsof $21.3 million, or $1.02 per diluted share, a 21% per shareincrease from FFO of $17.3 million, or 84 cents a diluted share inthe third quarter of 1999. Said Guericke at the time, "OurNorthwestern region experienced the greatest improvement since lastquarter, attributable to improved occupancy and higher rents."

Essex currently has ownership interests in 77 multifamilyproperties (16,721 units), and has 1,256 units in various stages ofdevelopment. The company's share price at the close of marketsMonday stood at $52.06, up 81 cents for the day on double averagevolume, but off $4.44 from its 52-week high of $56.50, achieved onSept. 28.