BlackRock Secures $1.63B Southern California Multifamily Portfolio from Camden

BlackRock Secures $1.63B Southern California Multifamily Portfolio from Camden

JLL Capital Markets has facilitated one of the most significant apartment portfolio transactions in Southern California’s recent history. BlackRock has acquired 11 rental residential properties from Camden Property Trust for $1.63 billion, marking the largest U.S. multifamily sale recorded since June 2024.

The transaction encompasses 3,620 units spread across Los Angeles, Orange, Riverside, and San Diego counties. Currently, the portfolio maintains a 96 percent occupancy rate. According to JLL, the assets involved account for approximately 16.5 percent of the region’s average annual multifamily transaction volume by unit count over the last five years.

Financing for the acquisition was secured through a $566.6 million agency loan arranged by JLL. This five-year, fixed-rate, interest-only financing covers seven of the eleven properties and is structured to permit each asset to be sold or refinanced independently. Notable assets within the portfolio include the 287-unit Camden Hollywood development, which features nearly 39,000 square feet of retail space anchored by an Equinox gym. Other major components include the 380-unit Camden Crown Valley in Mission Viejo, the 469-unit Camden Landmark in Ontario, and the 132-unit Camden Hillcrest in San Diego.

JLL, which represented the Houston-based seller in the deal, emphasized that the high demand for these assets points to strong market fundamentals in supply-constrained areas. The firm noted that the Camden Landmark represents roughly 5 percent of Ontario’s institutional apartment inventory, while no multifamily property in San Diego with more than 100 units has traded over the past decade.

Shares of Jones Lang LaSalle Incorporated, the parent company of JLL Capital Markets, were trading at $370.19 on Wednesday, reflecting a slight increase of 0.63% from the previous close. The company currently holds a market capitalization of approximately $16.59 billion.

What to watch

• Future disposition or refinancing activity regarding the seven properties covered by the independent loan structure.
• Upcoming financial results from Camden Property Trust detailing the impact of the sale on its balance sheet.

Source: original release