In the fourth-quarter deal making, Camden bought three land parcels, which are being primed for development in San Diego, Houston and Northern Virginia. Later in the year or early 2004, the REIT plans to start construction on 350 units in San Diego, 211 units in Houston and 464 units in Northern Virginia.
The fourth-quarter acquisitions also included taking deeds to the 260-unit Camden Providence Lakes in Brandon, FL, for $17 million; the 422-unit Camden Sierra at Otay Ranch, CA, for $56 million; and 160-unit Camden Tuscany in San Diego for $32 million.
On the disposition side of the Q4 closings, the REIT sold the 282-unit Camden Chasewood and 462-unit Camden Wallingford, both in Houston, and the 580-unit Camden Waterford in Corpus Christi. The sales yielded $54 million. It also reaped $70 million from selling the 356-unit Camden Harbor in Las Vegas and 450-unit Camden Bluffs in Reno. The sales included some abutting raw land.
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