Essex property trust acquires joint venture partner's interest in four communities comprising 1,480 apartment homes

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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