Camden Property Trust announced the acquisition of all outstanding partnership interests in its two discretionary investment funds from Teacher Retirement System of Texas (TRS), effective April 1, 2022.
The assets involved in this transaction included 22 multifamily communities with 7,247 apartment homes with an average age of 12 years, primarily located in Sun Belt markets across Camden’s portfolio. The purchase price was based upon a gross asset valuation of the funds of approximately $2.1 billion. Camden previously owned 31.3 percent of the funds’ interests and acquired the remaining 68.7 percent through this transaction. Total consideration for the acquisition of TRS’s interests, after adjusting for the assumption of approximately $520 million of secured mortgage debt, was approximately $1.1 billion and was funded through cash on hand and borrowings under the company’s $900 million unsecured line of credit.
In addition, the company was named for inclusion i
