WASHINGTON (dpa-AFX) - Essex Property Trust, Inc. (ESS) said on Monday that
it has acquired its joint venture partner's 49.9% interest in the BEXAEW
portfolio for a $505 million on a gross basis.

The portfolio is comprised of four properties totaling 1,480 apartment homes.

'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,' Essex said.

Concurrent with closing, the company repaid $219.9 million of debt encumbering
the properties and consolidated the communities on its financials.

The portfolio generated an 11.4 percent IRR and the buyer will recognize around
$1.5 million in promote income, which will be excluded from core FFO.



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