Camden Property Trust Announces Closing of Joint Venture

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Camden Property Trust Announces Closing of Joint Venture

    HOUSTON, June 30 /PRNewswire/ -- Camden Property Trust (NYSE: CPT)
announced today the completion of the sale of 19 apartment communities
containing 5,119 apartment homes for $248 million to Sierra-Nevada Multifamily
Investments, LLC.
    Camden is the managing member of the LLC, owning a 20% interest, and will
provide property management and asset management services to the joint venture
for a fee.  The remaining 80% is owned by a Fortune 500 company pension fund
represented by Schroder Real Estate Associates.  Property financing was
provided by Freddie Mae and Fannie Mae, for a total of approximately
$187.0 million of new debt and the assumption of $9.9 million of existing
indebtedness.
    Camden's Chairman, Ric Campo said, "The transaction should allow Camden to
continue to enjoy the market dominance of the Oasis brand in Las Vegas.  As a
result of this transaction, 13% of Camden's total portfolio will be in Las
Vegas.  The $236 million in net proceeds from the joint venture allows Camden
to reduce its debt and provides capital for future investments."
    Stephen Hansen, Senior Vice President of Schroder Real Estate Associates,
commented, "This transaction is a good example of how co-investment between
private institutional capital and public REITs can be mutually beneficial."
    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.  Camden
Property Trust 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.
    In addition to historical information, this press release contains
forward-looking statements under the federal securities law.  These statements
are based on current expectations, estimates and projections about the
industry and markets in which Camden operates, management's beliefs, and
assumptions made by management.  Forward-looking statements are not guarantees
of future performance and involve certain credit risks and uncertainties,
which are difficult to predict.
    Visit the Company's web site 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, 800-9-CAMDEN, or 713-964-3555