Camden Property Trust has put its 11 multifamily properties in California up for sale, Green Street News' Real Estate Alert reported.
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The Houston-based REIT is marketing all its assets via JLL. The properties could be worth more than $1.5B, according to Piper Sandler.
JLL and Camden didn’t immediately respond to requests for comment.
Camden is a large multifamily landlord, developer and property manager with 177 apartment communities totaling more than 60,000 units across 15 markets, primarily in the Sun Belt, with additional presence in California and Washington, D.C.
The 11 California properties, split between Los Angeles-Orange County and San Diego-Inland Empire, account for 3,600 units, according to Piper Sandler.
Camden wouldn’t be the first multifamily operator to exit California if it follows through. Atlanta-based Wood Partners said in 2024 that it would shutter its West Coast operations after completing its ongoing projects.
Although Wood Partners didn’t provide an explanation for its decision, it has been notoriously difficult to build housing in California for the past decade. Apartment firms, including Camden, regularly cite the state's regulatory environment as a challenge, Multifamily Dive reported.
“You’re always going to have the ‘What’s the next bullet in California from a regulatory standpoint?’” Keith Oden, executive vice chairman of the board, said during Camden’s first-quarter 2025 earnings call.
In a statement to Multifamily Dive, Haendel St. Juste, managing director of REITs for the investment bank Mizuho Securities, said Camden has documented its frustration with the state’s regulatory environment, high cost of doing business and renter behavior during and after the pandemic.
“We would view this potential trade positively given strategic and core growth implications,” since the sale would lower Camden’s exposure to the highly regulated state, St. Juste said.
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