- Camden Property Trust promotes Alexander Jessett to CEO as part of a planned succession.
- Ric Campo transitions from CEO to executive chairman after cofounding the REIT.
- Camden markets 11 California apartment properties for potential sale valued at $1.5B–$2B.
- Most sale proceeds will be reinvested in Sun Belt apartment assets via 1031 exchanges.
Leadership Changes Mark Strategic Shift
Apartment REIT Camden Property Trust announced a key leadership transition with Alexander Jessett moving into the CEO role. He replaces longtime leader and cofounder Ric Campo, who now serves as executive chairman. The shift aligns with Camden’s strategy to refocus its portfolio on high-growth Sun Belt locations, reports CoStar.
Sun Belt Strategy and California Exit
Camden’s restructuring comes as the apartment REIT faces increased supply and softer conditions in the multifamily market. This comes as many apartment owners are reporting uneven fundamentals across regions, with some markets seeing stronger demand and others grappling with elevated vacancy and new supply pressures. The Houston-based REIT has begun marketing 11 multifamily assets in California for sale, with an estimated value between $1.5B and $2B. Jessett, who was also named to Camden’s board, noted that up to 60% of proceeds will be reinvested via 1031 exchanges into Sun Belt markets, while $650M may be allocated to share repurchases.
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Updated C-Suite and Board Appointments
Laurie Baker steps up as president, continuing as COO, and Benjamin Fraker becomes executive vice president, CFO, and treasurer. Cofounder Keith Oden will remain as executive vice chairman. The C-suite changes reflect a planned succession as Camden positions for its next phase of growth.
What’s Next
The apartment REIT plans to complete California asset sales and Sun Belt reinvestments by mid-2026. As market conditions evolve, Camden’s leadership and strategic focus aim to strengthen its position among US apartment REITs.
