Houston’s Camden Property Joins the S&P 500

HOUSTON – (Realty News Report) – Camden Property Trust, a Houston-based multifamily REIT (real estate investment trust) joined the S&P 500 index on Monday.

Camden Property, which is led by Ric Campo, owns 175 apartment communities with 60,000 units across the nation. Its shares are traded on the New York Stock Exchange. Campo has led Camden for years and being included in the S&P 500 is a milestone achievement, noting that the firm is among the nation’s leading corporations.

Camden Buys Out Teacher Retirement System Fund for $1.1 Billion

Camden Property Trust also announced its acquisition of all outstanding partnership interests in its two discretionary investment funds from Teacher Retirement System of Texas effective April 1. The assets involved in this transaction included 22 multifamily communities with 7,247 apartment homes with an average age of 12 years. The purchase price was based upon a gross asset valuation of the Funds of approximately $2.1 billion. Camden previously owned 31.3% of the Funds’ interests and acquired the remaining 68.7% interests through this transaction. Total consideration for the acquisition of TRS’ interests, after adjusting for the assumption of approximately $520 million of secured mortgage debt, was approximately $1.1 billion

Camden Enters Build-To-Rent Single-Family Sector

Recently, Camden jumped into the hot Build-To-Rent sector. The BTR properties are largely single-family communities, typically with backyards and the other amenities found in suburban neighborhoods. Investor interest is exceptionally high in the BTR sector.

In the Houston area, Camden is starting a 200-home BTR community in Richmond at the Grand Center at Long Meadow Farms; and a 188-home BTR community in The Woodlands.

Camden’s shares closed Monday at $168.99, down $2.61 a share.

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