HOUSTON – (Realty News Report) – Camden Property Trust has purchased a 552-unit multifamily development inside the Inner Loop from the Martin Fein organization.
Fein developed the community and completed construction in 2015 on a site west of Weslayan Street, between Richmond Avenue and West Alabama near Las Palmas Street.
Previously operated as three separate properties—Aria at Willowick Park, Olympia at Willowick Park, and The Townhomes at Willowick Park—the community includes a variety of floorplans spread across two mid-rise buildings and three-story townhomes.
The property will be rebranded as Camden Highland Village. “We are pleased to announce the acquisition of these premier assets, located in extremely desirable submarkets within Camden’s core markets,” said Richard J. Campo, Camden’s chairman and CEO. “We believe the purchase price of these assets is significantly below replacement cost and expect these acquisitions to produce a stabilized yield of approximately 5 percent.”
Camden did not disclose the specific sales price for the Houston community. The company did report that it paid a combined $222 million for the Fein properties in Houston and a separate 186-unit complex recently acquired in North Carolina.
As part of the transaction, Camden also acquired 2.5 acres of adjacent developable land. In a press release, the Houston-based REIT said that during 2019 it purchased a total of three undeveloped land parcels for $37 million.
Camden also announced it has completed the sale of its Corpus Christi portfolio and has exited that market.
The company now owns 56,107 units across 164 apartment communities nationwide and has eight additional projects currently under development.
Fein, founded in Houston in 1989, recently announced the acquisition of 17.4 acres in Springwoods Village, where the firm plans to build a 322-unit community.
Dec. 31, 2019 Realty News Report Copyright 2019
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