HOUSTON-Camden Property Trust has closed on a portfolio of eight apartment communities for about $261 million.
The local REIT bought the properties, which consist of 2,957 units, through its discretionary investment funds, in which it owns a 20% interest. The fund has three additional apartment communities under contract for roughly $59 million; those acquisitions are expected to close during the third quarter 2011.
The eight communities are: Camden Brushy Creek, 272 units, Austin; Camden Shadow Brook, 496 units, Austin; Camden Cypress Creek, 310 units, Houston; Camden Lakemont, 312 units, Houston; Camden Northpoint, 384 units, Houston; Camden Panther Creek, 295 units, Dallas; Camden Riverwalk, 600 units, Dallas; and Camden Westover Hills, 288 units, San Antonio.
The communities are an average age of three 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 CEO in a statement. “These assets were acquired at a discount to replacement cost and should provide attractive returns on our investment.”
The acquisition of the eight communities follows three acquisitions Camden made through its fund during the first quarter for roughly $123 million. In total, the properties consist of 941 units in Atlanta, Dallas and Houston.
In addition to the REIT’s acquisition activity, Camden has several properties under development including: Camden Montague in Tampa, FL, a $23 million project with 192 apartment homes; Camden Westchase in Tampa, FL, a $52 million project with 348 apartment homes; and Camden Town Square in Orlando, FL, a $66 million project with 438 apartment homes.
Upon completion of the properties it has under development, Camden’s portfolio will increase to 69,170 apartment units in 203 properties.
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