CBRE Brokers Camden's $630M Vegas Selloff
The 15-property multifamily portfolio, which includes a small retail center and 19.6 acres of undeveloped land, is the last of Camden's holdings in Sin City as the residential REIT flees the market.
“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,” Camden CEO Richard Campo said on a Q1 earnings call.
Oaktree and Bascom, on the other hand, think the portfolio's high-quality assets will boost their position to grab future NOI growth in Vegas.
“We believe the Las Vegas market is still in the early stages of its recovery and poised to benefit from meaningful rent gains with population and job growth outpacing the national averages," said Oaktree managing director Mark Jacobs.
CBRE also secured a $470.7M seven-year floating rate loan for the purchase through a GSE lender.