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CAMDEN PROPERTY TRUST ANNOUNCES ASSET SALES

HOUSTON, March 8 /PRNewswire/ -- Camden Property Trust (NYSE: CPT), a self-administered multifamily real estate investment trust, announced that it had closed the sale of three apartment communities in the first quarter of this year. The Madison, a 117-unit property in Houston, Wolfe Run, a 216-unit property in San Antonio and Collins Pointe, a 476- unit property in Arlington, Texas, a suburb of Dallas, were sold in the first quarter for a combined sales price of $20.2 million. The proceeds of the sales have been used to reduce outstanding indebtedness.

Ric Campo, Camden's chairman, stated, "Our portfolio management strategy includes selective disposition of properties and redeployment of capital if it is determined that a property cannot meet our long-term earnings growth expectations. The proceeds of these sales will be reinvested into assets which we believe can be operated more efficiently or have greater potential for future cash flow growth."

Following the sales, Camden Property Trust now owns and operates 49 apartment properties containing 16,737 units in Houston, Dallas, Austin, Corpus Christi, El Paso and Tucson. The company currently has three properties containing 1,264 units under construction. Upon completion of these properties, the company's portfolio will increase to 18,001 units in 52 properties.
 -0- 3/8/96


/CONTACT: Richard J. Campo or D. Keith Oden, both of Camden Property Trust, 1-800-9Camden or 713-964-3555/

(CPT)

CO: Camden Property Trust ST: Texas IN: FIN SU:

TM -- NYF060 -- 1764 03/08/96 17:53 EST
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Publication:PR Newswire
Date:Mar 8, 1996
Words:244
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