The seller was United Dominion Realty Trust, which keeps itsexecutives offices in Highlands Ranch, CO, and the rest of itsadministrative operations in Richmond, VA. UDRT says it acquiredthe property upon its completion in June 2006 for $90 million.Curtis Gardner of Arroyo & Coates' Apartment Marketing Grouphad the disposition assignment.

The property is located within the 2,300-acre Windermere masterplanned community. Earlier this year, in May, Essex acquiredanother Windermere property from UDRT, the 250-unit Canyon Oaksproperty, for $64.3 million. That sale also was brokered byGardner.

Essex president/CEO Keith Guericke says he anticipates steadyrental growth over the next few years as a direct result ofincreased job growth and limited supply in the San Ramon area. Healso says that the $251,250 per-unit sales price for Mill Creek is"well below current replacement costs," but does not reveal what heestimates that cost to be. He did not return a Friday phone callseeking additional comment.