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BlackRock buys 11-property Southern California apartment portfolio for $1.63B
The purchase covers 3,620 apartment units across four counties and includes $566.6 million in agency acquisition financing.
BlackRock has acquired more than 3,600 rental apartment units in Southern California through a deal for Camden Property Trust’s 11-property multifamily portfolio, Commercial Observer reported. The transaction is described as the largest U.S. multifamily sale since June 2024.
BlackRock’s investment vehicle paid $1.63 billion for the portfolio, which is 96 percent occupied and includes 3,620 apartment units in Los Angeles, Orange, Riverside and San Diego counties. JLL arranged $566.6 million in agency acquisition financing for the buyer, covering seven properties.
The financing is structured as a five-year, fixed-rate, interest-only loan intended to allow each asset to be sold or refinanced independently. JLL said the portfolio represents roughly 16.5 percent of the region’s average annual multifamily transaction volume by unit count over the past five years.
Among the assets named in the portfolio are a 287-unit Camden development in Hollywood and a 132-unit property in San Diego where, according to JLL, no multifamily building with more than 100 units has traded in the past decade. JLL also said the deal reflects strong investor demand for “best-in-class” assets in supply-constrained markets.