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| Camden Property Trust Acquires 9.5 Acres in Downtown Long Beach, CA |
HOUSTON, Aug. 16 /PRNewswire/ -- Camden Property Trust (NYSE: CPT), has purchased 9.5 acres in downtown Long Beach, California. The property is located on Ocean Boulevard and is locally referred to as the "Pike" Amusement Park. The "Pike" gained its fame as the premiere amusement park in Southern California from the turn of the century through the 1950's, and was frequently referred to as the "Coney Island of the West". The redevelopment of this property will complement several other major initiatives in downtown Long Beach, such as the Queensway Bay entertainment/retail complex by DDR/Oliver McMillan, the retail revitalization of Pine Avenue, an expansion of the convention center and opening of the Aquarium of the Pacific. All of these redevelopment projects are either adjacent to or within walking distance of Camden's site. The Long Beach site currently has zoning entitlements in place for up to 1,000 apartment homes, 500 hotel rooms and one million square feet of commercial/retail space. Camden expects to begin construction on an initial phase of 400 multifamily residences in 2001 and have its first units available in 2002. During the development of phase one, Camden will evaluate the highest and best use for the balance of the site. Camden's phase one of the development will offer luxury apartment homes with ground-level retail, superior amenities, structured parking, spectacular views of the Pacific Ocean and easy access to shopping and entertainment facilities. The acquisition of this site is part of Camden's urban redevelopment strategy, which is being implemented in major metropolitan areas across the country. Currently Camden is in lease-up or under construction at four urban-style communities: The Park at Midtown and The Park at Greenway in Houston, The Park at Arizona Center in Phoenix and The Park at Farmers Market in Dallas. These properties have a total of 2,038 apartment homes and will represent a total investment of $150 million. With the addition of the Long Beach project and a second phase of homes at Farmers Market, Camden's urban-style portfolio would include 3,482 apartment homes for a total investment of $367 million. "The acquisition of Oasis Residential in 1998 provided our initial entry into the California market," said Ric Campo, Chairman of Camden Property Trust. "From this platform we have continued to expand throughout southern California. Our investment in this region will exceed $350 million upon completion of our Mission Viejo property and the Long Beach projects, representing almost 13% of our total assets." Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 149 properties containing 51,490 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of 11 properties under development, the Company's portfolio will increase to 56,210 apartment homes in 160 properties. 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 that are difficult to predict. For more information, please contact Richard J. Campo or D. Keith Oden at 1-800-9Camden, or locally at (713) 354-2500 or visit Camden's web site at http://www.camdenprop.com.SOURCE Camden Property Trust
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CONTACT:
Richard J. Campo or D. Keith Oden, both of
Camden Property Trust, 800-9Camden, or 713-354-2500
