Camden sells properties in Las Vegas
Camden Property Trust has sold a Las Vegas portfolio for $630 million. A buyer was not disclosed; however, according to an article by Vegas Inc., the buyers are the Bascom Group and Oaktree Capital Management.
The portfolio consists of 15 communities with 4,918 apartment homes, a retail center and approximately 19.6 acres of undeveloped land.
According to Real Capital Analytics, this is the largest portfolio the REIT has sold. In 2013, Camden sold a 14-property portfolio for $200 million to Wolff Co.
The economic growth experienced by Southern Nevada in 2015 continued in first quarter 2016, according Colliers International’s Las Vegas Economic Review First Quarter 2016. The market is beginning to transition from recovery to expansion as a whole. Since January 2015, total employment in Southern Nevada has increased by 32,