Camden Property TrustK has exercised its option to purchase the 80 percent interest not currently owned by the company in 12 joint ventures. The acquisition of such interests will result in Camden wholly-owning 12 apartment communities containing 4,034 apartment homes located in Dallas, Houston, Las Vegas, Phoenix and Southern California. The aggregate consideration for the interests which Camden will acquire is approximately $99.5 million in cash.
Camden intends to close its acquisition by January 31. Following the acquisition, but not later than April 1, 2012, Camden will also repay the indebtedness which is secured by such apartment communities in the approximate principal amount of $272.6 million.
“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,” Camden Chairman & CEO Richard J. Campo said in a statement.
Camden owns interests in and operates 196 properties containing 66,997 apartment homes across the United States. Upon completion of 10 properties under development, Camden’s portfolio will increase to 69,794 apartment homes in 206 properties.