SAN MATEO, Calif.–(BUSINESS WIRE)–Essex Property Trust, Inc. (NYSE:ESS) announced today that it acquired its joint venture partner’s 49.9% interest in the BEXAEW portfolio for a total purchase price of $505.0 million on a gross basis. The seller’s cap rate is approximately 5.25%; however, after incorporating additional economic benefits by fully integrating this portfolio into our operating platform, we estimate a 5.9% year-one yield. Concurrent with closing, the Company repaid $219.9 million
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