"We have achieved our goal of having single digit NOI concentrations in all of our markets, and we now having a meaningful presence in high-growth markets on the East and West coasts," says Camden president and chief operating officer Keith Oden.
Richard J. Campo, the company's chairman and CEO, says the sale "represents one of the final steps in the financing plan we described last fall for our acquisition of Summit Properties Inc." Campo says Camden Property Trust has completed asset sales of about $400 million to joint ventures and over $120 million to unrelated third parties. The proceeds will be used to retire debt incurred to fund the cash portion of the Summit merger.
Camden Property Trust owns interests in and operates 191 properties containing 65,992 apartment homes across the U.S. After completing seven properties under development, the company's portfolio will increase to 68,520 apartment units in 198 properties.
Tarragon South Development Corp. is wholly owned by New York City-based Tarragon Corp. The 31-year-old Tarragon South unit controls about 16,000 rental apartments and 1.4 million sf of commercial space valued at $1 billion, according to Tarragon South vice president Tony Martin.
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