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

The property is located within the 2,300-acre Windermere master planned community. Earlier this year, in May, Essex acquired another Windermere property from UDRT, the 250-unit Canyon Oaks property, for $64.3 million. That sale also was brokered by Gardner.

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