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Business

COMMERCIAL REAL ESTATE

By Melinda Fulmer

Palo Alto-based Essex Property Trust is expected to close today on a $50.5-million apartment purchase--one of the largest in Southern California so far this year. The company is buying a 608-unit apartment complex owned by a Lehman Bros. partnership in Newbury Park. The purchase brings Essex’s total Southern California portfolio to 1,700 units.

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