LAS VEGAS — Camden Property Trust (NYSE: CPT) has sold its Las Vegas portfolio, largely consisting of apartment communities, for $630 million.
The portfolio includes 15 garden-style apartment communities totaling 4,918 units, a retail center and 19.6 acres of undeveloped land.
With the sale, Camden is exiting the Las Vegas market, according to the Houston Business Chronicle. Company executives will discuss the sale during a first-quarter earnings call slated for April 29.
The buyer was not named. However, Las Vegas business journal Vegas Inc. reports the purchaser is a joint venture between Irvine, Calif.-based Bascom Group and Los Angeles-based Oaktree Capital Management. The joint venture also owns Vantage Lofts, a luxury apartment project in the Las Vegas suburb of Henderson.
Camden Property Trust is a publicly traded real estate firm that owns, manages, develops, redevelops, acquires and builds multifamily communities. The Houston-based company owns and operates 158 properties totaling 55,254 units across the United States.
The company’s stock price closed at $82.64 per share on Tuesday, April 26, up from $76.28 one year ago.
— Haisten Willis