Camden Property Trust Completes Largest U.S Multifamily Sale Since 2024

JLL Capital Markets said Wednesday it had arranged the $1.625-billion sale and financed a significant portion of the portfolio of an 11-property, 3,620-unit multifamily portfolio spanning Southern California’s most supply-constrained submarkets. The transaction by Camden Property Trust represents the largest U.S. apartment sale since 2024, according to JLL. The buyer was a BlackRock-managed vehicle.

The portfolio represents 16.5% of Southern California’s five-year average annual transaction volume by unit count in markets traditionally characterized by long-term ownership strategies. Properties in the portfolio include The Camden in Hollywood’s entertainment district; Camden Crown Valley, a 380-unit community in Mission Viejo; 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 Hillcrest neighborhood.

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. The Debt Advisory team, led by Capital Markets president Kevin Mackenzie, managing directors Annie Rice and Brandon Smith, director Gyasi Edmondson and associate Alyssa Malley. arranged $566.6 million in agency acquisition financing on behalf of the buyer, secured by seven of the portfolio’s assets.

The five-year fixed-rate loan is full-term interest only and was structured on an uncrossed basis, so each asset retains independent sale and refinance optionality. Carveouts were negotiated at the borrower level only, limiting liability for the upstream investors.

“The significant investor demand for these best-in-class assets in supply-constrained markets underscores the strength of Southern California fundamentals, leading to significant liquidity at scale,” said Rogers.

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Inside The Story

JLL's Rogers

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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