During the first quarter, Camden sold two joint venture apartment communities for a total sale price of $65.6 million. The disposed of properties include Camden Braun Station, a 240-home community in San Antonio, and Camden Piney Point, a 318-home community in Houston. Additionally, the company sold a 3-acre plot of land near an Atlanta development community for $6.3 million.

Development activity remained highly active during the first quarter, with the $75 million Camden Chandler in Chandler, AZ breaking ground and 13 additional development communities continuing in various stages of construction. Continuing in this vein, Camden acquired 2.9 acres in Houston for $15.6 million, which will be the future home of a two-phases apartment community.

“There's Renaissance going on in downtown Houston, where the city is incenting developers to build downtown, and there's really sort of a urbanization that's been going on across the country for the last 10 years has finally caught up in downtown Houston, and we think it's a very reasonable and profitable way to play in that,” Richard Campo, chairman and CEO, said during the investor call.

Camden own interest in and operates 169 properties, totaling 59,641 units throughout the United States. When the 14 current projects under construction complete its portfolio will increase to 64,150 apartment units.

“Our geographic and product diversification has served us well. Washington, D.C., which led the recovery markets out of the recession, has slowed, and our growth has come from other markets, including Houston, Atlanta, Charlotte, Austin and Phoenix, with net operating income growth above 6%,” Campo said. “Our markets continue to produce outsized job growth, keeping development leasing robust and the threat of oversupply, not an issue.”