Camden Sells 11 California Apartment Complexes, Market briefs

In Houston, Camden Property Trust, a Houston-based apartment REIT, has sold 11 California apartment complexes with 3,260 units for $1.625 billion to a BlackRock investment fund.

Earlier this year, Camden reported this plan to sell its California apartments and redeploy the money to multifamily in Texas and other Sun Belt markets.

“Sun Belt cities have led the nation in population growth, employment growth, in domestic in-migration over the last three decades,” Camden Executive Chairman Ric Campo said in an earnings call. “We believe these trends will continue to make the Sun Belt an attractive place in which Camden’s residents can live, work, and play.”

The portfolio includes notable properties such as The Camden in Hollywood’s entertainment district, featuring 287 units and 38,970 SF of Equinox-anchored retail in the heart of the entertainment capital; Camden Crown Valley, a 380-unit community in Mission Viejo in South Orange County; Camden Landmark, a 469-unit offering controlling 5% of Ontario’s entire market-rate inventory over 100 units; and Camden Hillcrest, a 132-unit boutique community delivered in 2021 in San Diego’s coveted Hillcrest neighborhood where zero multifamily trades over 100 units have occurred in the past decade.

Camden, which now owns 167 complexes with 56,695 units, had been operating in Southern California for 28 years and the portfolio was 96% occupied.

JLL Capital Markets handled the deal, one of the largest apartment transactions in California history.

JLL’s Capital Markets’ Sales and Advisory team was led by Senior Managing Director and Multi-Housing Platform Leader Blake A. Rogers, Managing Directors Alexandra Caniglia and Kip Malo and Senior Director Dillon Bergum.

JLL’s Capital Debt Advisory team was led by JLL Capital Markets President Kevin Mackenzie, Managing Directors Annie Rice and Brandon Smith, Director Gyasi Edmondson and Associate Alyssa Malley.