Camden Looks to Exit California With $1.5B Portfolio Sale

Camden Property Trust is putting its California apartment portfolio on the market, listing its entire in-state portfolio that could fetch more than $1.5 billion.

The Houston-based multifamily real estate investment trust quietly put 11 properties up for sale and is marketing the assets through JLL, Bisnow reported. The portfolio spans roughly 3,600 units split between Los Angeles-Orange County and the San Diego-Inland Empire region, according to Piper Sandler.

If completed, the sale would mark a sharp pullback from one of the country’s most expensive and tightly regulated housing markets. Camden is one of the nation’s larger apartment owners, developers and operators, with 177 communities totaling more than 60,000 units across 15 markets, according to the outlet. The bulk of its portfolio sits in Sun Belt metros, with smaller beachheads in California and Washington, D.C.

Camden wouldn’t be the first major apartment player to rethink its West Coast exposure. Atlanta-based Wood Partners said last year it would wind down its California operations after finishing projects already underway. While Wood didn’t spell out its reasons, developers have long complained about the difficulty of entitling, building and operating apartments in the state, according to the outlet.

Executives at Camden, however, have been more explicit, repeatedly flagging California’s regulatory environment, high operating costs and shifting renter dynamics as headwinds. According to the publication, during the company’s first quarter 2025 earnings call, Executive Vice Chairman Keith Oden summed up the uncertainty by suggesting multifamily operators always have to ask what the next regulatory “bullet” will be in the state.

Analysts appear supportive of a potential exit. In comments to Multifamily Dive, Mizuho Securities managing director Haendel St. Juste said Camden has “documented its frustration” with the state’s rules, pandemic-era rent policies and tenant behavior. Reducing exposure, he said, would be a net positive for the REIT’s long-term strategy.

— Eric Weilbacher