Leaving Las Vegas: Camden Property Trust Sells Entire Nevada Portfolio to Oaktree/Bascom JV
May 02, 2016 – Camden Property Trust began its first quarter earnings conference call last Friday to Faith Hill singing Lets Go to Las Vegas and ended it with Sheryl Crow singing Leaving Las Vegas. The musical bookends signaled to investors that the REIT had done what few gamblers have accomplished, leaving Las Vegas with a lot of money. “The 18 years covered by those two song titles represent our tenure in Las Vegas which came to a close this week. It’s been a great ride,” said Richard J. Campo, Camden chairman and CEO. The day before the earnings call, Camden completed sale of its Las Vegas portfolio as part of the REIT’s capital-recycling initiatives. The portfolio included 15 communities with 4,918 apartment homes, a retail center, and 19.6 acres of undeveloped land.