Camden Property Trust recently exercised a contract option to purchase the remaining 80 percent interest in 12 joint ventures that the company does not already fully possess.
There are a total of 12 joint ventures included in the announcement, and the transaction will be completed by the end of January, the report noted. The entities include apartment communities located in California, Texas and Nevada. More than 4,000 apartments are included in the 12 properties. The company will pay close to $99.5 million for the properties and will pay off debts of $272.6 million by April.
“We are pleased to announce this transaction, which we believe provides an attractive opportunity to acquire quality assets in high-growth markets while reducing leverage,” said Richard Campo, chairman and chief executive officer for Camden.
Camden Property Trust is a real estate company that owns nearly 200 properties in the United States. The commercial real estate holdings include approximately 67,000 apartments across the country. Camden is in the process of completing another 10 apartment properties which contain more than 2,000 apartment homes.