Camden's 2 December Buys Bring 2019 Total To Nearly Half A Billion
Houston-based Camden Property Trust, one of the nation's largest multifamily REITs, closed two acquisitions last month, bringing its year-end total purchases to just shy of $500M.
In early December, the company acquired a 186-home apartment community in Raleigh, North Carolina. The community will be renamed Camden Carolinian. In late December, it acquired a luxury 552-home apartment community with an adjacent 2.25-acre development site in Houston. The community formerly operated as three properties known as Aria at Willowick Park, Olympia at Willowick Park and The Townhomes at Willowick Park. The three properties will be collectively renamed Camden Highland Village.
“We believe the purchase price of these assets is significantly below replacement cost and expect these acquisitions to produce a stabilized yield of approximately 5%,” Camden CEO Ric Campo said.
Camden also exited the Corpus Christi market in December, selling two wholly owned communities totaling 902 apartment homes, which garnered roughly $75M in net proceeds.
In 2019, Camden completed acquisitions of four communities with 1,380 apartment homes for a total cost of approximately $440M and acquired three undeveloped land parcels for a total cost of approximately $37M.
The acquisitions and dispositions come on the tail end of a selling spree from Camden as the REIT looks to improve its balance sheet. Camden has sold more than $3.5B in properties since 2011. Upon completion of eight properties under development, the company’s portfolio will increase to 58,314 apartment homes in 172 properties.