Camden Property Trust Breaks Ground in Long Beach, California

Search Blogs that Mention this News Release
Click this link to view linked Bookmarking Services
Click this link to view linked Blogging Services
Camden Property Trust Breaks Ground in Long Beach, California
    HOUSTON, Dec. 12 /PRNewswire/ -- Camden Property Trust (NYSE: CPT)
announced today the commencement of construction at The Park at Harbour View,
a $120 million multifamily development in Long Beach, California.  The Company
held an official groundbreaking ceremony at the site last week, and will begin
work on its 538-unit apartment community later this month.  The project is
located on Ocean Boulevard at Pine Avenue and is within walking distance of
the Aquarium of the Pacific, RMS Queen Mary, Long Beach Convention Center, and
numerous entertainment, shopping and restaurant venues.
    The Park at Harbour View will feature one- and two-bedroom apartments
contained in two nine-story towers and four four-story buildings, with 25,000
square feet of ground-floor retail space and a 1,440-space parking garage.
The apartment homes will feature 9-foot ceilings (17 foot volume ceilings in
select units), walk-in closets, oversized windows, garden tubs, private
patios/balconies, full-sized washers and dryers, and many units will have
ocean views.  Community amenities will include covered parking, a fitness
center, conference room, media room, two swimming pools, and high-speed
broadband Internet access.  The Company expects to have its first apartment
homes available for lease by the summer of 2002, and construction completed in
early 2003.  Planning is also underway for the future development of a high-
rise condominium and hotel to be built adjacent to The Park at Harbour View.
    "We are excited about the expanded development platform Camden has in
Southern California," said Richard Campo, Chairman and Chief Executive
Officer.  "We will continue to explore opportunities to further increase our
presence in California through additional development and acquisitions."
Camden currently has a $180 million operating real estate portfolio in
Southern California, comprised of four multifamily communities with
1,652 units located primarily in Orange County.  The Company has entered into
agreements with unaffiliated third parties to develop an additional 846 units
in three apartment communities in the San Diego area.  The total estimated
cost for the San Diego projects is $124 million, and Camden will have an
option to purchase the developments upon completion.  Exercising those options
and completing the Long Beach development would bring Camden's total real
estate investment in California to $424 million or 15% of total assets, more
than double the current level.
    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 three properties under development, the
Company's portfolio will increase to 52,874 apartment homes in 148 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 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