Camden Property Trust Flees Vegas With $630M Selloff
Multifamily REIT Camden Property Trust is selling a $630M Vegas portfolio, bidding farewell to the last of its Sin City holdings.
A Bascom Group and Oaktree Capital Management JV will buy the properties, which include 15 multifamily communities, a retail center and 19.6 acres of undeveloped land.
The portfolio is filled with tenants, with a 94.5% occupancy rate in Q1, but that couldn't convince Camden CEO Richard J. Campo (pictured) to stay in the Vegas market, Commercial Property Executive reports.
“The decision to exit Las Vegas was a balance between losing a market with above-average NOI growth for the near term versus the long-term challenges that Las Vegas faces,” Campo said on a Q1 earnings call. [CPE]