HOUSTON-Camden Property Trust has closed on a portfolio of eight apartment communities for about $261 million.
The local REIT bought the properties, which consist of 2,957 units, through its discretionary investment funds, in which it owns a 20% interest. The fund has three additional apartment communities under contract for roughly $59 million; those acquisitions are expected to close during the third quarter 2011.
The eight communities are: Camden Brushy Creek, 272 units, Austin; Camden Shadow Brook, 496 units, Austin; Camden Cypress Creek, 310 units, Houston; Camden Lakemont, 312 units, Houston; Camden Northpoint, 384 units, Houston; Camden Panther Creek, 295 units, Dallas; Camden Riverwalk, 600 units, Dallas; and Camden Westover Hills, 288 units, San Antonio.
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