Camden Property Trust has closed on the $630 million sale of a 15-property multifamily portfolio in Las Vegas to funds managed by Oaktree Capital Management and their advisor, The Bascom Group.
The portfolio consists of 4,918 apartment units, a small neighborhood retail center and 19.6 acres of undeveloped land, all located throughout Las Vegas.
Oaktree, along with other partners, currently owns a portfolio of commercial assets in the Las Vegas area and this acquisition will complement their strategy in the market.
The assets are located in strong submarkets and contain clubhouses, resort-style pools, fitness centers, and other high-end amenities. Oaktree will continue to focus additional investment dollars on property upgrades and unit improvements.
CBRE Capital Markets represented Camden Property Trust in the sale. CBRE Capital Markets’ Debt & Structured Finance team also secured a $470.7 million loan for the acquisition of the portfolio.