The Houston-based REIT said it will realize a gain of $17 million on the sales. Last year the firm announced a plan to sell off some of its older properties, using the proceeds to repurchase its own common shares and reduce debt, says Rick Campo, Camden chairman and CEO. In late 1999 and early 2000 the firm repurchased $76.1 worth of its stock at an average price of $26.29 per share.

The 11 projects that have been sold off are located in Houston, Dallas, Las Vegas, St. Louis and El Paso. The projects are older properties, with an average age of 19 years.

The sales also have enabled the company to move toward its goal of having a more geographically balanced portfolio. "We plan to continue disposing of slower-growth assets, exiting secondary markets and reducing concentrations in others in order to achieve that objective," says Keith Oden, president of Camden.