Apartment developer Camden faces Houston headwinds


Houston Chronicle (August 4, 2020) --Apartment developer Camden Property Trust said Houston’s multifamily market is experiencing stronger headwinds than other cities where it operates, a result of the pandemic’s effect on the economy along with the struggling energy industry and an influx of new units opening this year.

“Houston continues to be one of our weaker markets,” Camden CFO Alex Jessett said Friday during a second-quarter earnings call. Roughly 19,000 new apartments are scheduled to open in the market this year — many in downtown and Midtown, he said.

Houston-based Camden, which operates 164 properties across the U.S., has nearly 6,000 units throughout the Houston area, including several complexes in the urban core. It recently completed a $132 million high-rise downtown, which is 24 percent leased.

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