Essex Acquires Apartment Properties for $41M

SEATTLE-Essex Property Trust has acquired 442 units in two apartment properties from Archstone-Smith for $40.9 million, according to county property records.

According to county records, Essex acquired Canyon Pointe, a 250-unit garden-style apartment community located at 1630 228th St. SE in Bothell, and Forest View, a 192-unit garden-style apartment community located at 650 Duvall Ave. NE in Renton. The listed sale price for Canyon Pointe, built in 1990, is $22.8 million. The listed sale price for Forest View, built in 1988, is $18.1 million. The sales recorded last week.

Essex is a Palo Alto, CA-based apartment REIT. Archstone-Smith is an Englewood, Co-based real estate operating company also focused on the apartment market. David Young of Hendricks & Partners, who had the disposition assignment for Archstone, declined comment, citing a confidentiality agreement. Essex’s VP of acquisitions Bryan Meyer tells GlobeSt.com that the properties were acquired as a portfolio and that the individual recorded sale prices were how Archstone wished them to appear.