Camden Acquires San Marcos Apartments in Scottsdale

VIZZDA—December 19^th, 2012 — Camden Property Trust, through its General Counsel J. Robert Fisher, has acquired the San Marcos Apartments for $46.9m or 146,562.50 per door. Cydney White in her capacity as Senior Vice President served as signatory for the seller, Equity Residential.

The apartment complex is comprised of 320 individually metered units in nineteen 2 and 3-story buildings totaling 361,846 ft². It was built in 1995 on 16.92 acres zoned R-5 South of the Southeast corner of Loop 101 and Thunderbird Road in Scottsdale. The in-house property management for Camden reports 91.48% occupancy at time of sale.

Equity Residential acquired the property on November 1^st, 2006 for $51.21m or $160,031.25 per door. Following transfer to a related entity on March 14^th, 2008, Equity Residential encumbered the property with $32.9m cross-collateralized debt with Wachovia Multifamily Capital, assigned to Freddie Mac at origination and released with Tuesday’s sale.

Camden did not list a cash payment for the property and no debt was recorded with sale. That being said, on December 7^th, 2012 Camden issued $350m in 2.95% notes due 2022 to JP Morgan Chase, Merrill Lynch, U.S. Bancorp and Wells Fargo Securities as underwriters. This is the first of two major multifamily acquisitions by Camden in as many days, totaling $92.6m.

By:

Paul Dionne

Director of Analytics

Vizzda.com