Camden Property Trust (NYSE:CPT) announced today its recent acquisition and disposition activity, which occurred during December 2019.
On December 5, 2019, the Company acquired a 186-home apartment community located in Raleigh, NC. The community (formerly known as The Carolinian on Glenwood) is a luxury mid-rise building completed in 2017 and features over 20,000 square feet of indoor and outdoor amenity space, including an extensive rooftop terrace with an entertainment area and expansive views. The community will be renamed Camden Carolinian.
On December 19, 2019, the Company acquired a luxury 552-home apartment community with an adjacent 2.25-acre development site located in Houston, TX. 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 property, completed in 2015, features upscale interior finishes with numerous high-end amenities and provides convenient access to restaurants, retail and employment hubs. 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%.” The combined purchase price for Camden Carolinian and Camden Highland Village totaled approximately $222 million.
For full-year 2019, the Company completed acquisitions of four communities with 1,380 apartment homes for a total cost of approximately $440 million and acquired three undeveloped land parcels for a total cost of approximately $37 million.
On December 12, 2019, the Company completed the sale of its Corpus Christi, TX portfolio and exit of that market. The assets sold included two wholly-owned communities with 632 apartment homes, and one joint venture community with 270 apartment homes. Net proceeds to the Company were approximately $75 million.
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