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Essex Property JV sheds Calif. property for $53.5M

A joint venture in which EssexProperty Trust Inc. owns a 50% stake sold the 200-unit apartment communityin Northridge, Calif.

The company said the property was sold for $53.5 million in April.

The joint venture, BEXAEW LLC, used $26.3 million of the proceedsto repay the loan encumbering the asset, according to a May 3 filing.