HOUSTON — Camden Property Trust (NYSE: CPT) has acquired a portfolio of eight apartment communities for approximately $261 million, located in the Houston, Dallas, Austin and San Antonio, Texas metropolitan areas. The properties collectively consist of 2,957 apartment homes, and the communities average 95 percent occupancy. The acquisition was made through Camden’s discretionary investment funds (the “Fund”).
The eight properties acquired in the portfolio included:
- Camden Cypress Creek – Houston – 310 units (pictured below)
- Camden Lakemont – Houston – 312 units
- Camden Northpoint – Houston – 384 units
- Camden Brushy Creek – Austin – 272 units
- Camden Shadow Brook – Austin – 496 units
- Camden Panther Creek – Dallas – 295 units
- Camden Riverwalk – Dallas – 600 units
- Camden Westover Hills – San Antonio – 288 units
“This was a very attractive portfolio of assets for our Fund. The communities are newly constructed with an average age of 3 years, well-occupied and complement Camden’s existing portfolio of apartment homes,” says Laurie Baker, Camden’s vice president of fund and asset management. “The Texas markets of Houston, Dallas, Austin and San Antonio are among the top metro areas in the nation for future expected job growth and population growth, which drives demand for rental housing.”
“These assets were acquired at a discount to replacement cost and should provide attractive returns on our investment,” added Richard J. Campo, Camden’s chairman and chief executive officer.
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, which are expected to close during the third quarter of 2011.
— Dan Marcec