Camden Property Trust (CPT) announces buyout of $2.1 billion JV portfolio.

Camden Property Trust (CPT) announced today that it has entered into an agreement to acquire its partner's interest in a 22-property Sunbelt portfolio valued at $2.1 billion.  Net of assumed debt, Camden expects to fund the remaining $1.1 billion equity purchase with cash on hand and bank borrowings.  The transaction is expected to close in the second quarter.

“We are pleased to announce this transaction, which allows us to fully acquire a very attractive portfolio of assets with no execution or integration risks,” said Richard J. Campo, Camden’s Chairman and Chief Executive Officer. “We have operated these Camden communities for many years and are excited for the opportunity to add them to our wholly-owned portfolio.”

Founded in 1982, Camden Property is one of the largest owner/developers of Class-A apartment properties in the U.S. with a current operating portfolio of 171 communities and 58,300 apartment homes. CPT is a member of the S&P MidCap 400 with a total market capitalization of approximately $22 billion.