Camden, Summit Ink Merger With $1B-Plus Pipeline

Richard J. Campo, chairman and CEO of Camden, tells GlobeSt.com that the merger, completed Monday, also puts $1.1 billion in future development into the pipeline. The merger also expands the firm's market influence in Washington, DC and both southern California and Florida.

"The merger creates a broader, better, much more dynamic company for both parties," Campo says."We believe this strategic acquisition will transform our company and provide one of the best platforms in the industry for future earnings growth."

News of the merger sent Camden's stock up more than 50 cents today and sparked Wall Street analysts to upgrade its status from "hold" to "buy." The merger creates a company with total market capitalization of approximately $5.8 billion and a portfolio of nearly 69,000 apartment units in 199 multifamily properties across the country.