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Pricing Supplement No. 3                             Filing under Rule 424(b)(3)
Dated October 29, 1998                               Registration No. 33-84536
(Prospectus dated January 30, 1996 and
Prospectus Supplement dated March 20, 1997)

                                   $90,000,000
                              CAMDEN PROPERTY TRUST
                           Medium-Term Notes, Series A
                                 Fixed Rate Note


                                                                                               
Principal amount:                                   $90,000,000        Floating Rate Notes:             N/A
Interest Rate (if fixed rate):                      7.23%              Interest rate basis:             N/A
Stated Maturity:                                    October 30, 2000           Commercial Paper Rate:
Specified Currency:                                 U.S. Dollar                Prime Rate:
Applicable Exchange Rate (if any):                  N/A                        LIBOR:
   U.S. $1.00 =                                     N/A                        Treasury Rate:
Issue price (as a percentage                                                   CD Rate:
   of principal amount):                            Varying amounts            Federal Funds Rate:
Selling Agent's commission (%):                     N/A                        Other:
Purchasing Agent's discount (%):                    0.25%              Index Maturity:                  N/A
Net proceeds to the Company (%):                    99.75%*            Spread:                          N/A
Settlement date (original                                              Spread Multiplier:               N/A
   issue date):                                     October 29, 1998   Maximum Rate:                    N/A
Redemption Commencement                                                Minimum Rate:                    N/A
   Date (if any):                                   October 29, 1998   Initial Interest Rate:           N/A
Interest Determination Date(s):                     N/A                Interest Reset Date(s):          N/A
Calculation Date(s):                                N/A                Interest Determination Date(s):  N/A
Interest Payment Dates:                             March 15 &         Calculation Date(s):             N/A
                                                    Sept. 15           Interest Payment Date(s):        N/A
Regular Record Dates:                               March 1 &          Regular Record Date(s):          N/A
                                                    Sept. 1
Agents Capacity:                                    Agent


        Redemption prices (if any): means an amount equal to the sum of (i) 100%
of the unpaid  principal  amount to be  redeemed,  (ii) a Make Whole  Amount (as
further described in the Prospectus  Supplement),  and (iii) accrued interest to
the date of redemption.

        Additional terms:

        As of the date of this Pricing Supplement,  the aggregate initial public
offering price (or its equivalent in other  currencies) of the Notes (as defined
in the Prospectus Supplement) which have been sold (including the Notes to which
this Pricing Supplement  relates) is $90,000,000 "N/A" as used herein means "Not
Applicable." "A/S" as used herein means "As stated in the Prospectus  Supplement
referred to above."

        * JP Morgan as Principal  purchased a portion  ($10,000,000)  of the 
$90,000,000 at a rate of 99.90%.  JP Morgan's total commitment was $48,000,000.

                               Merrill Lynch & Co.
                            JP Morgan Securities Inc.