LAKE OSWEGO, OR-Acting on what it says is a reduction in multifamily housing in the area, Essex Property Trust announced Monday it has expanded its presence in the region by acquiring the 256-unit Hunt Club Apartments here for $17.5 million.

The Palo Alto, CA-based apartment REIT says it acquired the complex 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 housing along with continued strong job growth,” a situation he expects will lead to increases in occupancy levels and rental revenues in the region, which he’s been seeing a lot of lately.

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