HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE:CPT) today announced the acquisition of a
portfolio of eight apartment communities for approximately $261 million
through its discretionary investment funds (“Fund”), in which it owns a
20% interest. The communities acquired are located in the Houston,
Dallas, Austin and San Antonio metropolitan areas and consist of 2,957
apartment homes with an average age of 3 years and an average occupancy
of 95%.
“We are pleased to have acquired a high-quality portfolio of apartment
homes, located in some of the nation’s highest employment and population
growth markets,” said Richard J. Campo, Camden’s Chairman and Chief
Executive Officer. “These assets were acquired at a discount to
replacement cost and should provide attractive returns on our
investment.”
The Fund has three additional apartment communities from the same
portfolio located in the Houston and San Antonio metropolitan areas
under contract for approximately $59 million that are expected to close
during the third quarter of 2011.
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, an S&P 400 Company, is a real estate company
engaged in the ownership, development, acquisition, management and
disposition of multifamily apartment communities. Camden owns interests
in and operates 196 properties containing 67,205 apartment homes across
the United States. Upon completion of seven properties under
development, the Company's portfolio will increase to 69,170 apartment
homes in 203 properties. Camden was recently named by FORTUNE® Magazine
for the fourth consecutive year as one of the “100 Best Companies to
Work For” in America, placing 7th on the list.
For additional information, please contact Camden’s Investor Relations
Department at (800) 922-6336 or (713) 354-2787 or access our website at camdenliving.com.
Source: Camden Property Trust
Contact:
Camden Property Trust
Kim Callahan, 713-354-2549