With the deal put to bed, Camden is now the nation's fifth largest multifamily property owner. "It was a win-win situation for both parties," Richard J. Campo, chairman and CEO of the locally based Camden, tells GlobeSt.com.
The 10-year-old Charlotte, NC-based Summit's top executives and former board directors, William B. McGuire Jr. and William F. Paulsen, yesterday were appointed to Camden's board of trust managers. Campo says Summit employees also should benefit from the merger news since it will allow them better growth prospects with the larger firm.
"We'll be a small, big company, which allows us to be a lot more agile than bigger companies and still be a company investors like to invest in," Campo says. "It should position us to be one of the top performers from a growth perspective."
With the merger, Camden gains market entries in Washington, DC and southern Florida while strengthens its foothold in southern California. He says the three areas account for 80% of the development pipeline, allowing Camden to "double our exposure in what people think is the three best markets in the country."
The merger pushed Camden into the big leagues, making it the fifth largest owner in the US and giving it large capitalization status, according to Campo. The new company, armed with a 199-property portfolio, has a total market cap of nearly $5.8 billion. For previous story, click here.
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