BlackRock's $1.63B Buy Marks One of SoCal's Largest Multifamily Deals on Record
BlackRock has completed one of the largest multifamily buys to ever take place in Southern California. Through one of its managed vehicles, it paid about $1.63 billion for 11 properties (3,620 units) across the region.
Camden Property Trust sold the portfolio, which JLL represented, according to a report from CRE investment news outlet, Institutional Real Estate Inc. Plus, JLL provided a 566.6 million acquisition loan on behalf of BlackRock.
Along with the deal being one of the largest multifamily transactions in SoCal history, the portfolio accounts for 16.5 percent of the area's five-year average transaction volume, in terms of number of units.
The following properties are included in the portfolio: The Camden, 287 units; Camden Landmark, 496 units; Camden Hillcrest, 132 units; Camden Crown Valley, 380 units.
Importantly, the portfolio is surrounded by wealthy residents, with the average household income located within a mile of each asset coming out to $134,000.
"Southern California has long been one of the most durable multifamily markets in the country. 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," Derek Helgeson, co-head of U.S. real estate at BlackRock, said in a statement, according to IREI.
"Across our platform, we continue to find opportunities where our scale, local expertise and execution allow us to invest in high-quality assets on compelling terms," said Derek Helgeson, co-head of U.S. real estate at BlackRock.
Across California, major asset classes including multifamily remain stable, according to a recent Summer 2026 Allen Matkins/UCLA Anderson Forecast Survey. Spencer Kallick, partner at Allen Matkins, told GlobeSt. that he expects multifamily sentiment to remain high in the Golden State due to the housing shortage.
Source: GlobeSt/ALM