Sunrise Colony Company and Camden Property Trust Announce the Purchase of Andrau Airpark

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Sunrise Colony Company and Camden Property Trust Announce the Purchase of Andrau Airpark
    HOUSTON, Nov. 24 /PRNewswire/ -- Sunrise Colony Company and Camden
Property Trust (NYSE: CPT) are pleased to announce the purchase of a 500-acre
parcel and a 200-acre parcel of land in Houston, Texas.  The combined
properties make up the 700-acre Andrau Airpark, adjacent to the Westchase
District in West Houston.
    Sunrise Colony Company is currently planning to develop the 500-acre
parcel as an upscale, private country club community containing 1,100 homes.
The site of what promises to be Houston's finest golf course and country club
is located on Westheimer Road, immediately west of the Beltway.  The community
has been named Royal Oaks Country Club, indicative of the heavily forested
location.
    Royal Oaks Country Club will be a 24-hour, gate-guarded, private community
featuring a world-class championship golf course designed by legendary Houston
golfer, Fred Couples.  Other features include a 40,000-square foot golf
clubhouse, an 8,000-square foot health, tennis and swim clubhouse,
championship tennis courts, a 25-meter swimming pool, a recreation swimming
pool, a spa and a children's wading pool.  Satellite community recreation
centers will also be located throughout the community providing a variety of
amenities, including grass play fields, basketball courts and volleyball
courts.
    The Royal Oaks Country Club golf course will be private, available
exclusively for use by members and their guests.  This beautiful 7,000-yard,
par-72 championship course will feature undulating fairways, dramatic water
features and multi-tiered greens.  Golf memberships are expected to start at
approximately $35,000, and non-resident memberships may be available.
    The purchase of a home or lot at Royal Oaks Country Club will include a
social and swim club membership, while tennis, health club and golf
memberships are optional.
    "Royal Oaks Country Club will provide Houstonians with the only
opportunity to purchase a new home in a private, gated, world-class golf
community, a mile from the Beltway, and a few minutes from the Galleria," said
William Bone, Chief Executive Officer of Sunrise Colony Company.
    Residential opportunities at Royal Oaks Country Club will include
townhomes, patio homes, estate homes, and custom lots.  These homes will
feature three, four and five bedrooms with prices beginning at $330,000 to
over $1,000,000.  Half of the homes will have spectacular fairway locations on
the golf course.  Custom home sites will also be offered, with lots ranging in
size up to one acre.
    Construction and sales of homes, lots and golf course memberships are
expected to begin in the Spring of 1999.  Completion of the first homes and
the opening of the golf course for play are expected by year-end 1999.
    Sunrise Colony Company is a partnership formed between Sunrise Company and
Colony Capital, Inc.  Based in Las Vegas, Sunrise Company has established
itself as the premier developer of America's finest country club communities
for the past 30 years.  Based in Los Angeles, Colony Capital, Inc. is an
international, private investment firm focusing principally on real estate
assets and operating companies.
    Camden Property Trust announced the purchase of the remaining 200 acres of
the Andrau Airpark land.  Camden intends to retain 100 acres for the future
construction of multifamily communities and sell the balance for non-
residential development.
    "This transaction is a continuation of Camden's strategy to hold well-
positioned tracts of land at wholesale prices for future multifamily
developments and will enable Camden to remain the dominant owner of
multifamily communities in the Westchase area," said Ric Campo, Chairman of
Camden Property Trust.
    Camden Property Trust is a Houston-based real estate investment trust
(REIT) engaged in the ownership, development, acquisition, marketing,
management and disposition of multifamily apartment communities.  Camden
currently owns interests in and operates 151 communities containing
51,015 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 56,750 apartment homes in
165 communities.
    In addition to historical information, this press release contains
forward-looking statements under the federal securities laws.  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 Dirk Gosda, Sunrise Colony Company,
at 281-584-0199 or Richard J. Campo, Camden Property Trust, at 800-9Camden or
713-354-2500.  Information is also available online at http://www.camdenprop.com.
SOURCE Camden Property Trust
http://www.camdenprop.com
CONTACT:
Richard J. Campo of Camden Property Trust,
800-9Camden, or 713-354-2500; or Dirk Gosda of Sunrise Colony
Company, 281-584-0199