Company Website:
http://www.camdenliving.com
HOUSTON -- (Business Wire)
Camden Property Trust (NYSE:CPT) announced today that it has completed
the acquisition of a recently constructed 299-home apartment community
in Orlando for a total purchase price of approximately $90 million. The
community (formerly known as 420 East) is a 9-story high-rise in
downtown Orlando built in 2016 featuring a 4th floor pool and
amenity deck, 24-hour concierge, retail space and a 3-story parking
garage. Located within the highly desirable Thornton Park Neighborhood,
the property is walkable to many downtown office buildings, Lake Eola
Park and several popular entertainment venues. The community will be
renamed Camden Thornton Park and is adjacent to Camden Lake Eola, a new
development community which recently started construction.
“We are pleased to announce the acquisition of this premier asset
located in one of our core markets,” said Richard J. Campo, Camden’s
Chairman and Chief Executive Officer. “We believe the purchase price is
5-10% below current replacement cost, and the acquisition will produce a
stabilized yield of approximately 5%.”
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 (the “Company”) 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.
Factors which may cause the Company’s actual results or performance to
differ materially from those contemplated by forward-looking statements
are described under the heading “Risk Factors” in Camden’s Annual Report
on Form 10-K and in other filings with the Securities and Exchange
Commission (SEC). Forward-looking statements made in today’s press
release represent management’s current opinions at the time of this
publication, and the Company assumes no obligation to update or
supplement these statements because of subsequent events.
Camden Property Trust, an S&P 400 Company, is a real estate company
engaged in the ownership, management, development, redevelopment,
acquisition, and construction of multifamily apartment communities.
Camden owns interests in and operates 159 properties containing 54,480
apartment homes across the United States. Upon completion of 8
properties currently under development, the Company’s portfolio will
increase to 56,858 apartment homes in 167 properties. Camden was
recently named by FORTUNE Magazine for the eleventh consecutive year as
one of the “100 Best Companies to Work For” in America, ranking #24.
For additional information, please contact Camden’s Investor Relations
Department at (713) 354-2787 or access our website at camdenliving.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180924006006/en/
Contacts:
Camden Property Trust
Kim Callahan, 713-354-2549
Source: Camden Property Trust
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