11:44 AM EDT, 03/25/2024 (MT Newswires) -- Essex Property Trust ( ESS ) said Monday it acquired its joint venture partner's 49.9% stake in BEXAEW apartment property portfolio for $505 million on a gross basis.

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

The real estate investment trust said it repaid $219.9 million of debt encumbering the properties concurrent with the deal's closing.

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