BlackRock has acquired 11 apartment complexes across Southern California, comprising 3,620 units, in a deal valued at $1.625 billion. The transaction, announced on August 5 by JLL Capital Markets, solidifies BlackRock's position as a significant landlord in the region.
The portfolio spans Los Angeles County, Orange County, the Inland Empire, and San Diego County, including notable properties like The Camden in Hollywood, a 380-unit community in Mission Viejo, and a 132-unit complex in San Diego's Hillcrest neighborhood. This acquisition represents 16.5% of Southern California's five-year average annual transaction volume by unit count, according to JLL.
This marks the largest multifamily transaction in Southern California since KKR's $2.1 billion purchase in June 2024, which involved a portfolio of 5,200 units across multiple states. The significant investor demand for these assets in supply-constrained markets highlights the strength of Southern California's fundamentals, noted Derek Helgeson, Co-Head of US Real Estate at BlackRock. "Southern California has long been one of the most durable multifamily markets in the country," Helgeson stated in the announcement.
JLL Capital Markets, which represented the seller, Camden Property Trust, also provided financing for $566.6 million of BlackRock's acquisition. The deal underscores the continued interest from substantial investors in large-scale apartment portfolios within a housing market characterized by tight supply.