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Tuckerman Stakes Camden With $398M Buy-In

HOUSTON-The locally based Camden Property Trust sells 80% interest in 12 multifamily assets with 4,034 units in Las Vegas, Phoenix, Dallas, Orange County, CA and its homeport. Camden retains the property management reins for a fee.

By Jennifer D. Duell | Updated on March 22, 2005

HOUSTON-Camden Property Trust has sold majority interest in 12 multifamily properties in four states to the Tuckerman Group LLC for $398 million. Camden retains a 20% stake in the JV and will be paid to continue as the portfolio’s property manager.

The Houston-based Camden sold 4,034 units in Las Vegas, Phoenix, Dallas, Orange County CA and its homeport. To close the deal, the JV secured $272 million from Fannie Mae. Red Mortgage Capital of Columbus arranged the financing. Banc of America Securities was the sole financial adviser to Camden, which used the proceeds to pay down debt and fund part of the cash consideration spent for the recent merger with the Charlotte, NC-based Summit Properties Inc.

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