HOUSTON – (Realty News Report) – Camden Property Trust, a Houston-based multifamily REIT that owns 164 apartment communities and approximately 56,000 units nationwide, is pausing evictions for residents who have experienced financial hardship due to the COVID-19 pandemic.
Camden has closed its leasing offices to visitors and is minimizing in-person interactions by providing virtual tours, offering online and phone support, and maintaining only essential maintenance services and emergency repairs during the public health crisis.
As massive layoffs and temporary furloughs affect many industries during the coronavirus downturn, Camden is offering relief to qualifying residents. Measures include no rent increases at lease renewal for impacted tenants, waiving late fees, and arranging payment plans when necessary.
Camden CEO Ric Campo acknowledged the uncertainty of the outbreak’s full effects, noting the widespread closures of retail stores, restaurants and hotels and the difficulty of predicting the economic outcome at this stage.
“We believe it is still too early to quantify the impact of the COVID-19 pandemic to our financial performance,” Campo said. “Currently our portfolio’s occupancy remains strong at over 96 percent. We are seeing high levels of resident retention but also reduced foot traffic and fewer new lease applications from prospective residents given the current environment. We plan to provide additional financial updates in conjunction with our first quarter 2020 earnings release in late April/early May.”
Camden owns 51 apartment communities in Texas, totaling 18,653 units. In Houston alone, the company operates 26 multifamily properties with 9,301 units, according to its year-end report.
In downtown Houston, Camden is developing a 271-unit high-rise at 1515 Austin Street scheduled to open this year. The company also has plans for another 21-story tower downtown with an estimated development cost of $145 million.
Active in civic affairs, Ric Campo serves as chairman of the Port Commission of the Port of Houston Authority and is a former chairman of Houston First Corporation, the government organization that oversees the city’s convention and performing arts facilities.
Beyond the public health emergency, Houston’s economy has also been hit by a steep drop in oil prices. West Texas Intermediate crude fell near $20 per barrel last week amid collapsing demand caused by the pandemic and increased production by Russia and Saudi Arabia, a strategy that has placed added pressure on U.S. shale producers. The combined effects have led to layoffs and budget reductions across Houston’s energy sector; the city is widely known as “The Energy Capital of the World.”
March 26, 2020 Realty News Report Copyright 2020
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