Camden Property Trust (CPT) News

National Real Estate Firm to Develop Multifamily Projects in Target U.S. Markets

HOUSTON, March 10 /PRNewswire-FirstCall/ -- Grayco Partners, a national multifamily real estate development firm specializing in well-designed properties in major U.S. markets, today announced an investment agreement with Camden Property Trust (NYSE: CPT) to identify, acquire and develop multifamily projects. Initial developments under the Grayco-Camden agreement will include two planned communities in Houston, TX - Braeswood Place (344 units) and The Belle Meade at River Oaks (119 units).

(Photo: http://www.newscom.com/cgi-bin/prnh/20070310/CGSA001 )

Grayco Partners is a newly formed national real estate firm specializing in the investment, development and construction of multifamily communities in growing U.S. metropolitan markets. Grayco founder and President Jeff Gray has directed the development of over $1.5 billion of new multifamily construction encompassing more than 12,000 units in nearly 50 projects. The company's leadership team has a proven record of success, with over 75 years of experience collectively in the multifamily development industry.

'Our goal at Grayco is to execute quality long-term investment opportunities in multifamily real estate,' said Jeff Gray. 'This new development venture with Camden will establish a platform for future value creation.'

'We are pleased to announce this new agreement with Grayco Partners,' stated Richard Campo, Camden's Chairman and Chief Executive Officer. 'This type of investment is one of several initiatives Camden is undertaking to expand our development opportunities and maximize our returns on capital.'

About Grayco Partners

Grayco Partners is a national real estate firm specializing in the investment, development, construction and management of expertly designed and enduring multifamily communities in targeted U.S. markets. Grayco's business cornerstones are a superior and lasting product, premium location and sound financial structure. Grayco Partners is headquartered in Houston. For more information please visit http://www.graycopartners.com .

About Camden Property Trust

Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 186 properties containing 63,843 apartment homes across the United States. Upon completion of 11 properties under development, the Company's portfolio will increase to 67,605 apartment homes in 197 properties. For additional information, please contact Camden's Investor Relations Department at (800) 922-6336 or (713) 354-2787 or visit http://www.camdenliving.com .

    Grayco Partners Fact Sheet:
    http://www.graycopartners.com/corporateinfo/factsheet.php

    Grayco Partners FAQs:
    http://www.graycopartners.com/corporateinfo/faqs.php

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.

SOURCE Grayco Partners