Camden Property Trust to Sell $630M Vegas Portfolio
By
Tony Seruga
As part of its capital recycling program. the REIT is letting go of a sizable portfolio, including 15 multifamily properties, a retail center and several acres of undeveloped land.
Richard Campo, CEO, Camden Property Trust
“It’s been a great ride,” Richard J. Campo, CEO of Camden Property Trust, said of the multifamily REIT’s exit from the Las Vegas market during its first quarter 2016 earnings conference call last week. Camden has parted with its last holdings in Sin City, selling 15 multifamily communities, a retail center and 19.6 acres of undeveloped land for $630 million.
“We received numerous unsolicited offers for the portfolio at prices higher than we expected,” Campo said, later adding that the response to this group of properties with an average age of 23 years was “very encouraging.”…
Camden Property Trust to Sell $630M Vegas Portfolio
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