One of the nation’s largest apartment owners plans to sell its California properties in a bid to buy back its stock.
Houston-based real estate investment trust Camden Property Trust has put its 11 multifamily properties in the Golden State up for sale, according to marketing materials from real estate services firm JLL.
California's regulations, a relatively high cost of doing business and uncertain renter demand have created headwinds for apartment owners, leading some, notably Equity Residential, to offload properties in favor of more what they consider to be states more amenable to doing business.
During Camden's third-quarter 2025 earnings call, CEO Ric Campo pointed to such regulations and costs as business barriers. But that's not the main reason the firm is pulling out of the state. Instead, the firm wants to make cash-generating moves in order to fund share repurchases by capitalizing on improving market conditions.
“The stock is about 30% off, and if we have the time to sell assets to fund buybacks, we’re going to lean in,” Campo said, noting that buybacks generate returns roughly 200 basis points higher than new apartment acquisitions.
Sales momentum has been accelerating nationwide. According to CoStar data, trailing 12-month multifamily sales volume through November 2025 climbed 29% from the same time in 2024.
Pricing has also stabilized after bottoming out in March 2024 at roughly 27% below the 2022 peak, and construction starts are at their lowest level in more than a decade, prompting investors to lock in discounted values before supply and demand rebalance, according to CoStar research.
Improving economics
Camden has 177 apartment complexes totaling more than 60,000 units across 15 markets, primarily in the Sun Belt, with additional presence in Washington, D.C.
The portfolio that is up for sale includes 3,600 units spanning some of Southern California's most desirable locations in Los Angeles, Orange County and San Diego. The portfolio could be valued at as much as $1.5 billion, according to estimates from investment bank Piper Sandler.
While the broader U.S. multifamily recovery remains uneven, Camden's Southern California listing is an early sign that REITs are repositioning for what they expect will be a more favorable market in 2026.
A sharp pullback in new construction add to signs of early stages of recovery in select coastal markets, according to CoStar National Director of Multifamily Analytics Grant Montgomery.
Executives across the sector say that imbalance is prompting more REITs to consider selling assets or buying back stock, especially in markets where investor demand remains strong.
Camden sees an opportunity to unlock value in California, where supply additions have been muted compared to the Sun Belt’s glut of new units, Campo said.
Camden is not alone in rethinking its California portfolio. Equity Residential REIT sold nine apartment properties last year, including the Teresina Apartments in Chula Vista, California, which Nuveen acquired for $180 million.
At the same time, Equity Residential expanded its Sun Belt footprint by purchasing an eight-property, 2,064-unit Atlanta portfolio from a Blackstone affiliate for $535 million in June.
Large-scale apartment offering
The Camden portfolio spans some of the region’s most high-rent locations — from Glendale and Hollywood to Long Beach, Irvine, San Diego and the Inland Empire — with assets ranging from mid‑rise and podium projects to garden‑style communities.
Marketing materials highlight the region’s persistent affordability challenges and delayed homeownership trends as key demand drivers, noting that Southern California’s rising first‑time homebuyer age has continued to fuel a growing renter‑by‑necessity population.
According to JLL, the portfolio represents approximately 16.5% of Southern California’s five‑year average annual transaction volume by unit count, giving investors a chance to achieve instant scale in a region known for long‑term ownership and limited trading activity.
Ten of the 11 properties were originally developed by Camden and are being publicly marketed for the first time, with the materials touting them as “exceptionally well‑maintained and operationally sound assets” positioned as generational acquisition opportunities.
The communities average 976 square feet per unit and feature a mix of floor plans and amenities such as resort‑style pools, 24‑hour fitness centers, fire pits, clubhouses and a combined 63,252 square feet of retail across five sites.