Camden Property Trust has offloaded a Houston apartment complex as part of its $750 million effort to get rid of aging properties.
The Houston-based REIT sold the 337-unit Camden Midtown at 2303 Louisiana Street to Denver-based Bow River Capital, the Houston Business Journal reported. Rebranded as Hadley Midtown Apartments, the property spans seven acres in the city’s Midtown district, just north of Montrose and close to downtown and the Texas Medical Center.
The financial terms weren’t disclosed but the asset was last valued for tax purposes at $54.5 million. The complex was originally built in 1999 and last renovated in 2013. It features pools, 24-hour fitness centers, a pet park and a direct-access garage. Some of the units are townhomes, with private patios and attached garages.
JLL’s Dustin Selzer, Jett Lucia, Aziza Rehmatulla and Matt Kafka represented the seller in the deal. Leon McBroom, Rob Bova and John David Johnson arranged the Freddie Mac loan used to finance the acquisition.
The deal marks the latest step in Camden’s strategy to offload older, underperforming assets while plowing an equivalent $750 million into newer developments. Last quarter, the firm picked up two newer properties, one in suburban Austin and one in Nashville, for a combined $199 million. It also began work on a 393-unit project in Nashville, set to open in 2028.
Camden did not report any sales in the first quarter but indicated it expected movement later this year. The Hadley Midtown sale appears to be among the first, with more deals likely to follow.
The REIT still has a sizable Houston footprint, with other Midtown-area properties including Camden City Centre at 301 St. Joseph Parkway; Camden Travis Street at 2700 Travis Street; and Camden McGowen Station at 2727 Travis Street.Â
It’s also relocating its headquarters later this year to Williams Tower, at 2800 Post Oak Boulevard in Uptown.
— Judah Duke
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