HOUSTON--(BUSINESS WIRE)--March 3, 2006--Camden Property Trust
(NYSE:CPT) today announced the Company will develop two new apartment
home communities in Irvine, CA and Houston, TX, in newly-formed joint
ventures with Onex Real Estate Partners. Camden will serve as the
general partner in both joint ventures and retain a 30% ownership
position.
"We are pleased to announce these additions to our current
development pipeline, and we are excited about our partnership with
Onex Real Estate to develop these premier assets," said Richard Campo,
Camden's Chairman and Chief Executive Officer. "Our total development
pipeline is substantial, with $1.4 billion of projects either underway
or scheduled to start in the near future, and 70% of those
developments located in California, Florida or the Washington, D.C.
metro area."
Camden Main & Jamboree in Irvine, CA, will feature 290 luxury
apartment homes in 4-story and 5-story buildings, and include
approximately 7,500 square feet of retail and restaurant space. Total
expected cost for the development, which is scheduled for completion
in early 2007, is approximately $107 million. Initial occupancy is
projected to occur in mid- to late-2006, with stabilization in mid- to
late-2007.
Camden Plaza in Houston, TX, will feature 271 luxury apartment
homes in a 4-story building with six levels of attached parking. Total
expected cost for the development, which is scheduled for completion
in early to mid-2007, is approximately $43 million. Initial occupancy
is projected to occur in early 2007, with stabilization in early 2008.
In addition to historical information, this press release contains
forward-looking statements under the federal securities law. These
statements are based on current expectations, estimates and
projections about the industry and markets in which Camden operates,
management's beliefs, and assumptions made by management.
Forward-looking statements are not guarantees of future performance
and involve certain risks and uncertainties which are difficult to
predict.
Camden Property Trust is a real estate company engaged in the
ownership, development, acquisition, management and disposition of
multifamily apartment communities. Camden owns interests in and
operates 188 properties containing 64,749 apartment homes across the
United States. Upon completion of eleven properties under development,
the Company's portfolio will increase to 68,521 apartment homes in 199
properties.
Onex Real Estate was formed by Onex Corporation in January 2005 to
invest in real estate assets in North America. Onex Corporation is a
diversified company with annual consolidated revenues of more than $17
billion and consolidated assets of approximately $15 billion. Onex is
one of Canada's largest companies with global operations in service,
manufacturing and technology industries. Its operating companies
include Celestica Inc., Spirit AeroSystems, Inc., Emergency Medical
Services Corporation, Skilled Healthcare Group, Inc., ClientLogic
Corporation, Cineplex Entertainment Limited Partnership, Res-Care,
Inc., Cosmetic Essence, Inc., Center for Diagnostic Imaging, Inc. and
Radian Communication Services Corporation. Onex shares trade on the
Toronto Stock Exchange under the stock symbol OCX.SV.
For additional information, please contact Camden's Investor
Relations Department at 1-800-9Camden or 713-354-2787 or access our
website at http://www.camdenliving.com.
CONTACT: Camden Property Trust, HoustonKim Callahan, 713-354-2549
SOURCE: Camden Property Trust