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| Camden Property Trust Completes Sale of Five Assets |
HOUSTON, Dec. 29 /PRNewswire/ -- Camden Property Trust (NYSE: CPT)
announced that it has closed the sale of five apartment communities for a
combined sales price of $38.3 million. Four of the properties are in the
Houston area: Bay Place - 193 apartments; Bay Crest Village - 96 apartments;
Hayes Place - 307 apartments; and Sierra Pines I/II - 804 apartments. The
fifth property, The Lake, is a 192-apartment community in Winter Haven,
Florida.
Ric Campo, Camden's chairman, stated, "Our portfolio management strategy
includes selective disposition of properties and redeployment of capital if it
is determined that a property cannot meet our long-term earnings growth
expectations. The proceeds of these sales will be reinvested into assets
which we believe can be operated more efficiently or have greater potential
for future cash flow growth."
Following the sales, Camden Property Trust now owns and operates
100 apartment communities containing 34,669 units in the Sunbelt and
Midwestern markets from Florida to Arizona. The Company currently has six
properties under construction containing 2,343 apartments. Upon completion of
these properties, Camden's portfolio will increase to 37,012 apartments in
106 properties.
Camden recently announced a definitive merger agreement pursuant to which
Oasis Residential, Inc. (NYSE: OAS) would be merged with and into a wholly
owned subsidiary of Camden. Upon approval by the shareholders, the merger
will combine Oasis' interest in 15,116 apartments with Camden's apartments,
creating the third largest apartment REIT in the U.S. with 52,128 apartments
and total assets in excess of $2.3 billion.
For more information, please contact Richard J. Campo or D. Keith Oden at
1-800-9CAMDEN or 713-964-3555. Information is also available online at
http://www.camdenprop.com or through "fax on demand" at 800-9-CAMDEN.
SOURCE Camden Property Trust
back to topRelated links:
Richard J. Campo or D. Keith Oden, both of
Camden Property Trust, 800-9CAMDEN, or 713-964-3555
