HOUSTON — Camden Property Trust (NYSE: CPT) has sold an 11-property, 3,620-unit apartment portfolio in Southern California for approximately $1.6 billion. The buyer was a BlackRock-managed investment entity.
According to JLL, which represented Camden in the sale, the portfolio’s 3,620 units equal 16.5 percent of the relevant Southern California markets’ average annual transaction volume by unit count over the past five years. JLL characterized the transaction as unusually large for markets where owners typically hold multifamily properties for long periods.
The properties are located across Los Angeles County, Orange County, the Inland Empire and San Diego County. The transaction completed Camden’s exit from California. Camden said it would use approximately $900 million of the proceeds to repay short-term debt.
Highlights of the portfolio include The Camden, 287 units, in Hollywood; Camden Crown Valley, a 380-unit community in Mission Viejo; Camden Landmark, a 469-unit property in Ontario; and Camden Hillcrest, a 132-unit community delivered in 2021 in San Diego’s Hillcrest neighborhood.
JLL also arranged a $566.6 million agency acquisition loan for the buyer.