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November 4, 2004

CB Richard Ellis

Jon Hallgrimson of CB Richard Ellis brokered two apartment deals. Essex Property Trust of Palo Alto, Calif., bought the 194-unit Fairwood Pond in Renton for $21 million from LaSalle. LaSalle bought the 7-year-old property four years ago for $17.55 million. Hallgrimson says Essex has targeted Seattle as the West Coast market that will have the strongest rent growth. In Bellevue's Crossroads neighborhood, Forest City sold the 396-unit Colony Woods to Fairfield for $32.5 million. Forest City bought the property seven years ago for $15.45 million and invested approximately $10 million in renovations. About 70 percent of the complex's residents work at Microsoft, according to Hallgrimson. He expects more big apartment sales soon because Seattle "certainly has been discovered."




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