(Read more on the multifamily market.)
PORTLAND, OR-Essex Property Trust Inc., a Palo Ato, CA-basedapartment REIT, exited the Portland market this week, selling 875units in four suburban properties for $97.5 million, orapproximately $111,500 per unit. The new owner is BalaclavaHoldings, a division of Vancouver, BC-based Belkorp that now ownsmore than 1,600 units in the Greater Portland area.
Essex says it decided to exit the Portland market due to agreater risk of increased supply of rental and for-sale housingcompared to its other markets, which are Northern California,Southern California and Seattle. Its proceeds from the portfoliosale were used to complete a reserve IRS 1031 exchange into MillCreek at Windermere, a newer 400-unit community in San Ramon, CAthat the company acquired in September for $100 million.
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