The Multifamily Value Add Fund LP's leveraged investment power,based on a $300 million fund raising, would total $1 billion.Richard J. Campo, chairman and CEO of the locally based Camden,told shareholders and analysts that the company plans to commit upto $60 million to the fund for a 20% ownership stake. He said thefund received a $150-million commitment Dec. 31, 2007.

According to an SEC filing last Thursday, one of Camden's whollyowned subsidiaries is the fund's general partner. The fund's termis eight years, with the goal to acquire fully developedmultifamily assets nationwide. The filing said funding isanticipated to close sometime this year.

In the earnings call, Campo reported Camden's balance sheet isstrong despite the prevailing uncertain market. He also discussedmore stock buybacks and problem markets. He indicated overallfundamentals of the business are good, with multifamily supplynationwide manageable and not too much in the way of overbuilding."The wild card is the shadow supply of single-family homes and whateffect they'll have on multifamily demand," he said. "That willunfold during 2008."