HOUSTON — Houston-based multifamily owner, developer and manager Camden Property Trust (NYSE: CPT) has completed the sale of a multifamily portfolio in Southern California for $1.6 billion.
The portfolio comprises 11 properties spanning 3,620 units. An entity managed by BlackRock Inc. (NYSE: BLK) was the buyer. Trailing 12-month occupancy across the portfolio was 96 percent at the time of sale.
Properties in the portfolio include The Camden, a 287-unit community in the Hollywood entertainment district of Los Angeles that features an Equinox gym on the ground level; Camden Crown Valley, a 380-unit community in Mission Viejo; Camden Landmark, a 469-unit community in Ontario; and Camden Hillcrest, a 132-unit community in San Diego’s Hillcrest neighborhood.
Blake Rogers, Alexandra Caniglia, Kip Malo and Dillon Bergum of JLL Capital Markets brokered the transaction. This marks one of the largest multifamily transactions in Southern California to date, according to the brokerage.
“Southern California has long been one of the most durable multifamily markets in the country,” says Derek Helgeson, co-head of U.S. real estate at BlackRock. “Camden has built and operated these communities to an exceptionally high standard, and we are grateful to them for a thoughtful and collaborative sale process.”
Additionally, Kevin Mackenzie, Annie Rice, Brandon Smith, Gyasi Edmondson and Alyssa Malley of JLL’s Debt Advisory team originated a $566.6 million, five-year agency loan for the acquisition of seven of the properties in the portfolio.
Camden’s stock price closed at $111.91 on Aug. 5, up from $102.30 roughly a year ago.
— Hayden Spiess