HOUSTON – (Realty News Report) – Camden Property Trust has acquired a 552-unit Inner Loop multifamily development from the Martin Fein organization.
Fein developed the community, completed in 2015, on a site west of Weslayan Street, between Richmond Avenue and West Alabama near Las Palmas street.
The community formerly operated as three properties known as Aria at Willowick Park, Olympia at Willowick Park, and The Townhomes at Willowick Park, and offers a variety of floorplans in two mid-rise buildings and three-story townhomes.
The community will be renamed Camden Highland Village. “We are pleased to announce the acquisition of these premier assets, located in extremely desirable submarkets within Camden’s core markets,” said Richard J. Campo, Camden’s Chairman and CEO. “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 percent.”
Camden did not disclose the sales price. But it disclosed that it paid $222 million in the combined purchase for the Fein properties in Houston and a 186-unit complex it just acquired in North Carolina.
As part of the Fein deal, Camden received 2.5 acres of adjacent developable land. In a press release Monday, Camden, a Houston based REIT, said that during 2019 it acquired a total of three undeveloped land parcels for $37 million.
Camden also announced that it has completed the sale of its Corpus Christi portfolio and has exited that market.
Camden owns 56,107 units in 164 apartment communities across the nation and it has eight additional projects under development.
Fein, founded in Houston in 1989, recently announced that it acquired 17.4 acres in Springwoods Village where the firm will build 322 units.
Dec. 31, 2019 Realty News Report Copyright 2019
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