HOUSTON – (Realty News Report) – Camden Property Trust, a Houston-based apartment REIT, has sold 11 California apartment complexes with 3,260 units for $1.625 billion to a BlackRock investment fund.
Earlier this year, Camden announced this plan to sell its California apartments and redeploy the money to multifamily in Texas and other Sun Belt markets.
“Sun Belt cities have led the nation in population growth, employment growth, in domestic in-migration over the last three decades,” Camden Executive Chairman Ric Campo said in an earnings call. “We believe these trends will continue to make the Sun Belt an attractive place in which Camden’s residents can live, work, and play.”…