Camden Acquires The Montierra Apartments in Scottsdale

Vizzda – December 20, 2012 – Camden Property Trust, through Senior Vice President Karen A Church, has acquired the Montierra Apartments for $45.7M or $183,534 per door from Equity Residential,represented in the sale by Senior Vice President Cydney White.

The Montierra Apartments consist of 249 individually-metered units in nine 2&3-story apartment buildings totaling 266,649 square feet. It was built in 1998 on 10.61 AC zoned R-5. Camden will be managing the property. Unit mix and more details may be found in the broker flyer here.

Equity Residential acquired the apartments through the acquisition of the prior owner, Evans Withycombe Residential, which Equity acquired for a reported $625 in August of 1997. The real estate transfer took place on April 30, 1999 in a related-entiry transaction with no saleprice and no debt. The property was included in the cross-collateralization for a Fannie Mae Loan recorded June 10, 2005 for a total of $126.452M, with the debt released July 10, 2009. The property was collateral for a $17,858,854 Freddie Mac Loan originated July 1, 2009 with Deutsche Bank, and cross collateralized by agreement with 12 other loans before assignment to FHLMC, this debt was released with the current 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, Camden issued $350M in 2.95% notes dues 2022 to JP Morgan Chase, Merrill Lynch, U.S. Bancorp and Wells Fargo Securities as underwriters. This acquisition is the second of two major multifamily This is the second of two major multifamily acquisitions by Camden in as many days, totaling $92.6M for 569 units in Scottsdale, AZ.

Edward Moore

Director of Research

www.vizzda.com

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