April 28, 2016
Camden Property Trust, a multifamily REIT based in Houston, has disposed of its entire Las Vegas portfolio and exited the region. The portfolio, which featured 15 apartments totaling 4,918 units, and approximately 19.6 acres of undeveloped land, sold for $630 million.
The buyer was a joint venture between Irvine, CA-based Bascom Group and Oaktree, which is in Los Angeles.
Ric Campo, Camden’s chairman and CEO, indicated he wants to pay down the REIT’s debt because the United States could be headed into another recession. “We are dialing down our investment risk profile because we’re late in the cycle,” Campo said. “We’ve been a net seller of properties for two years now, and we’ll be a net seller this year.”