HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) announced today that it has completed the acquisition of a newly constructed 358-home apartment community in the Tampa/St. Petersburg area for a total purchase price after closing costs of approximately $127 million. The community (formerly known as AER Luxury Apartments) is an 18-story high rise in downtown St. Petersburg built in 2016 featuring extensive rooftop and ground floor amenities, retail space and a 5-story parking garage. Located just two blocks from the waterfront, the property is walkable to many downtown office buildings, the waterfront district and several popular entertainment venues. The community will be renamed Camden Pier District.
“We are pleased to announce the acquisition of this premier asset located in one of our core markets,” said Richard J. Campo, Camden’s Chairman and Chief Executive Officer. “We believe the purchase price is 5-10% below current replacement cost, and the acquisition will produce a yield of approximately 5% in its first full year of stabilization after lease-up is completed later this year.”
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden (the “Company”) operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 156 properties containing 53,391 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 55,501 apartment homes in 163 properties. Camden was recently named by FORTUNE Magazine for the tenth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #22.
For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.