- Camden Property Trust is marketing 11 California properties valued at over $1.5B.
- The California portfolio totals 3,600 units across major Southern California markets.
- The move would reduce Camden’s exposure to California’s strict regulatory environment.
- Other operators, such as Wood Partners, have recently exited or downsized in California.
Portfolio on the Market
Houston-based Camden Property Trust has listed all its California multifamily holdings for sale, seeking a buyer for a portfolio estimated at more than $1.5B, according to Bisnow. The offering, brokered by JLL, includes 3,600 units across 11 apartment communities in Los Angeles-Orange County and San Diego-Inland Empire.
Regulatory Pressures Mount
Camden’s potential exit from California highlights ongoing challenges for multifamily owners in the state. Regulatory hurdles and a high cost of doing business have discouraged investment, with companies like Wood Partners already pulling back from the region. Camden leadership and market analysts have cited these hurdles as central reasons behind the decision to consider selling.
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Strategic Realignment
Camden continues to shift focus toward Sun Belt markets, where it already owns most of its 60,000-unit national portfolio. The company aims to reduce exposure to California, where rising costs and regulations pose long-term risks. This move supports Camden’s core growth strategy while responding to post-pandemic concerns about operations and tenant behavior.
What’s Next
The sale would mark Camden’s largest step back from California and signal a broader institutional retreat. Investors will watch closely to see if other Sun Belt-focused REITs adopt similar strategies. Recent trends suggest a more cautious stance among multifamily REITs as they navigate shifting market conditions and rising regulatory risks. Ongoing regulatory pressures could push more owners to exit high-cost coastal markets.
