Camden Property Trust Acquires Newly Constructed Florida Apartment Community

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Business Wire 11-Jan-2018 4:37 PM
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HOUSTON--(BUSINESS WIRE)-- Camden Property Trust (NYSE:CPT) announced today that it has completed the acquisition of a newly constructed 358-home apartment community in the Tampa/St. Petersburg area for a total purchase price after closing costs of approximately $127 million. The community (formerly known as AER Luxury Apartments) is an 18-story high rise in downtown St. Petersburg built in 2016 featuring extensive rooftop and ground floor amenities, retail space and a 5-story parking garage. Located just two blocks from the waterfront, the property is walkable to many downtown office buildings, the waterfront district and several popular entertainment venues. The community will be renamed Camden Pier District.
We are pleased to announce the acquisition of this premier asset located in one of our core markets, said Richard J. Campo, Camdens Chairman and Chief Executive Officer. We believe the purchase price is 5-10% below current replacement cost, and the acquisition will produce a yield of approximately 5% in its first full year of stabilization after lease-up is completed later this year.
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden (the Company) operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Companys actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading Risk Factors in Camdens Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in todays press release represent managements current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 156 properties containing 53,391 apartment homes across the United States. Upon completion of 7 properties currently under development, the Companys portfolio will increase to 55,501 apartment homes in 163 properties. Camden was recently named by FORTUNE Magazine for the tenth consecutive year as one of the 100 Best Companies to Work For in America, ranking #22.
For additional information, please contact Camdens Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

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Camden Property Trust Kim Callahan, 713-354-2549
Source: Camden Property Trust