Camden Property Trust is a publicly-traded

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

that invests in

apartment An apartment (American English, Canadian English), flat (British English, Indian English, South African English), tenement (Scots English), or unit (Australian English) is a self-contained housing unit (a type of residential real estate) that ...

s in the United States. As of December 31, 2023, the company owned interests in 176 apartment communities containing 59,800 apartment homes in the United States. It is the 14th largest owner of apartments in the United States. The name of the company is derived from the last names of its founders, Richard J. Campo and D. Keith Oden.

History

In 1981, Richard J. Campo and D. Keith Oden bought the failing

Houston Houston ( ) is the List of cities in Texas by population, most populous city in the U.S. state of Texas and in the Southern United States. Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the county seat, seat of ...

condominium A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual own ...

business of their employer and reorganized it into a REIT. In 1993, the company became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. In 1997, the company acquired Paragon Group, which owned 17,000 apartment units, in a $615 million transaction. In 1998, the company acquired Oasis Residential for $542 million in stock and the assumption of $430 million in debt. In 2005, the company acquired Summit Properties in a $1.1 billion transaction. In 2011, the company acquired 8 properties in

Texas Texas ( , ; or ) is the most populous U.S. state, state in the South Central United States, South Central region of the United States. It borders Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the we ...

for $261 million. In 2012, the company purchased the 80% interest held by a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

partner in 12 communities for $99.5 million. In 2016, the company sold its portfolio of properties in

Nevada Nevada ( ; ) is a landlocked state in the Western United States. It borders Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. Nevada is the seventh-most extensive, th ...

, which included 15 communities with 4,918 apartment units, for $630 million. In 2022, the company acquired the remaining ownership interests in its

with Teacher Retirement System of Texas.

References

External links

* {{Authority control 1981 establishments in Texas 1993 initial public offerings Companies based in Harris County, Texas Companies based in Houston Companies listed on the New York Stock Exchange Financial services companies established in 1981 Real estate companies established in 1981 Real estate investment trusts of the United States