JLL closes landmark $1.625B sale of 3,620-unit, 11-asset portfolio as investor demand surges across Southern California

LOS ANGELES, Aug. 5, 2026 –  JLL Capital Markets announced today that it has arranged the $1.625 billion sale and financed a significant portion of an 11-property, 3,620-unit multifamily portfolio spanning Southern California's most supply-constrained submarkets, marking one of the largest and most significant multi-housing transactions ever in Southern California.

JLL represented the seller, Camden Property Trust, and arranged financing for the buyer, a BlackRock-managed vehicle.

The portfolio represents 16.5% of Southern California's five-year average annual transaction volume by unit count in markets traditionally characterized by long-term ownership strategies. With properties strategically positioned across Los Angeles County, Orange County, the Inland Empire and San Diego County, the transaction provides the buyer with instant diversification across Southern California's most dynamic employment and lifestyle centers.

"The significant investor demand for these best-in-class assets in supply-constrained markets underscores the strength of Southern California fundamentals, leading to significant liquidity at scale,” said Rogers. 

“Southern California has long been one of the most durable multifamily markets in the country,” commented Derek Helgeson, Co-Head of US Real Estate at BlackRock. “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. 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.”

“We would like to thank the teams at both JLL and BlackRock for their professionalism throughout the marketing and sales process for our California portfolio and commend them on the successful execution of this monumental transaction,” added Alex Jessett, Camden’s Chief Executive Officer.

The portfolio includes notable properties such as The Camden in Hollywood's entertainment district, featuring 287 units and 38,970 square feet of Equinox-anchored retail in the heart of the entertainment capital; Camden Crown Valley, a 380-unit community in Mission Viejo representing one of the few institutional-scale assets in supply-constrained South Orange County; Camden Landmark, a rare 469-unit offering controlling 5% of Ontario's entire market-rate inventory over 100 units; and Camden Hillcrest, a 132-unit boutique community delivered in 2021 in San Diego's coveted Hillcrest neighborhood where zero multifamily trades over 100 units have occurred in the past decade.

Investor interest was largely driven by Camden’s operational excellence, resulting in average trailing 12-month occupancy of 96% and minimal concessions. The portfolio attracts affluent demographics, with average household incomes within one mile of the assets reaching $134,000 across the portfolio, supporting a healthy 25% rent-to-income ratio based on current in-place rents.

JLL's Capital Markets’ Sales and Advisory team was led by Senior Managing Director and Multi-Housing Platform Leader Blake A. Rogers, Managing Directors Alexandra Caniglia and Kip Malo and Senior Director Dillon Bergum.

JLL's Debt Advisory team arranged $566.6 million in Agency acquisition financing on behalf of the buyer, secured by seven of the portfolio's assets. The five-year fixed-rate loan is full-term interest only and was structured on an uncrossed basis, so each asset retains independent sale and refinance optionality. Carveouts were negotiated at the borrower level only, limiting liability for the upstream investors.

JLL's Capital Debt Advisory team was led by JLL Capital Markets President Kevin Mackenzie, Managing Directors Annie Rice and Brandon Smith, Director Gyasi Edmondson and Associate Alyssa Malley.

JLL Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Camden Property Trust is one of the largest publicly traded multifamily companies in the United States, owning, developing, acquiring and managing apartment communities in major markets nationwide. The company has been recognized by Fortune Magazine as one of the "100 Best Companies to Work For" and named a Glassdoor Best Place to Work. Camden maintains a dynamic workplace culture focused on associate growth, professional development and community engagement across its continually evolving portfolio.