The Houston-based REIT said it will realize a gain of $17million on the sales. Last year the firm announced a plan to selloff some of its older properties, using the proceeds to repurchaseits own common shares and reduce debt, says Rick Campo, Camdenchairman and CEO. In late 1999 and early 2000 the firm repurchased$76.1 worth of its stock at an average price of $26.29 pershare.

The 11 projects that have been sold off are located in Houston,Dallas, Las Vegas, St. Louis and El Paso. The projects are olderproperties, with an average age of 19 years.

The sales also have enabled the company to move toward its goalof having a more geographically balanced portfolio. "We plan tocontinue disposing of slower-growth assets, exiting secondarymarkets and reducing concentrations in others in order to achievethat objective," says Keith Oden, president of Camden.