Camden Property Trust Completes Sale of Five Assets and Acquisition of Two

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Camden Property Trust Completes Sale of Five Assets and Acquisition of Two

    HOUSTON, June 25 /PRNewswire/ -- Camden Property Trust (NYSE: CPT)
announced that it has closed the sale of five apartment communities for a
combined sales price of approximately $40 million.  Three of the properties
are in the St. Louis, Missouri area: The Knolls -- 112 apartment homes,
Peartree -- 134 apartment homes, and Sunswept -- 334 apartment homes.  Two
communities are in Tampa, Florida: The Broadmoor -- 384 apartment homes and
The Greenhouse -- 324 apartment homes.
    Additionally, Camden has purchased two communities: Marina Pointe -- 408
apartment homes in Tampa, Florida and Aragon -- 192 apartment homes in
Phoenix, Arizona. The combined purchase price was approximately $40 million.
In conjunction with the Marina Pointe purchase, Camden also acquired 18.6
acres of land adjacent to Marina Pointe on which it intends to develop a 352-
home apartment community at a total project cost of approximately $25 million.
    Ric Campo, Camden's chairman, stated, "Our portfolio management strategy
includes selective disposition of properties and redeployment of capital if it
is determined that a property may not meet our long-term earnings growth
expectations.  The proceeds of these sales will be reinvested into assets
which we believe can be operated more efficiently or have greater potential
for future cash flow growth."
    Camden Property Trust is a fully integrated real estate investment trust
(REIT) engaged in the ownership, development, acquisition, marketing,
management, and disposition of multifamily apartment communities.  Following
the transactions, Camden Property Trust now owns and operates 148 apartment
communities containing 49,389 apartment homes in the Sunbelt and Midwestern
markets from Florida to California. Upon completion of fourteen properties
under development, The Company's portfolio will increase to 55,069 apartment
homes in 162 communities.
    For more information, please contact Richard J. Campo or D. Keith Oden
1-800-9CAMDEN or (713)964-3555.  Information is also available online at
http://www.camdenprop.com.

SOURCE Camden Property Trust

http://www.camdenprop.com
CONTACT:
Richard J. Campo or D. Keith Oden, both of
Camden Property Trust, 800-9CAMDEN or 713-964-3555