Camden Property Trust Completes Sale of 11 Properties

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Camden Property Trust Completes Sale of 11 Properties
    HOUSTON, Sept. 14 /PRNewswire/ -- Camden Property Trust (NYSE: CPT)
recently completed the sale of 3,599 apartment homes in 11 multifamily
communities for a combined sales price of approximately $137.2 million.
Together with $21.4 million of land and non-multifamily project sales in the
first quarter, Camden's total disposition volume this year has been
approximately $158.6 million.  The gain on sale for the 11 multifamily
properties is estimated at $17 million.
    "Last year we announced our intention to sell approximately $150 million
of non-strategic assets during 2000 to fund the repurchase of common shares
and reduce short-term borrowings," said Ric Campo, Chairman and Chief
Executive Officer.  "In late 1999 and early 2000 we successfully repurchased
$76.1 million of our common equity at an average price of $26.29 per share, a
discount of 15% to our closing price today."  Disposition proceeds were used
to reduce borrowings under Camden's unsecured line of credit and reduce the
Company's overall leverage.
    The 11 multifamily communities recently sold by Camden were located in
Houston, Dallas, Las Vegas, St. Louis and El Paso, and had an average age of
19 years.  "Our long-term strategy is to have a moderate concentration of
assets in 10 to 12 core markets across the country, giving us a more
geographically balanced portfolio," said Keith Oden, President and Chief
Operating Officer.  "As a result of these sales, we have exited the El Paso
market, reduced the number of assets in our three largest markets and improved
the overall quality and geographic mix of Camden's portfolio.  We plan to
continue disposing of slower-growth assets, exiting secondary markets and
reducing concentrations in others in order to achieve that objective."
    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 145 properties containing
51,336 apartment homes in the Sunbelt and Midwestern markets from Florida to
California.  Upon completion of two properties under development, the
Company's portfolio will increase to 52,336 apartment homes in 147 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 which
are difficult to predict.
    For more information, please contact Camden's Investor Relations
Department at 1-800-9Camden, or 713/354-2787, or access Camden's web site at
http://www.camdenprop.com.
SOURCE Camden Property Trust
http://www.camdenprop.com
CONTACT:
Investor Relations Department of Camden
Property Trust, 800- 9Camden, or 713-354-2787