BlackRock spends $1.625 billion to become Southern California's biggest apartment owner
BlackRock bought 3,620 apartments across Southern California for $1.625 billion, establishing itself as the region's largest landlord.
BlackRock announced a $1.625 billion acquisition of 3,620 apartment units spanning Los Angeles County, Orange County, the Inland Empire and San Diego County, making it the newest mega-landlord in Southern California. The portfolio includes high-profile assets such as The Camden in Hollywood’s entertainment district, a 380-unit community in Mission Viejo and a 132-unit complex in San Diego’s Hillcrest neighborhood. JLL Capital Markets acted for seller Camden Property Trust and arranged $566.6 million of financing for the purchase.
This transaction, the largest multifamily sale in the region since KKR’s $2.1 billion, 5,200-unit deal in 2024, underscores continued appetite from deep-pocket investors for large portfolios in supply-constrained markets. BlackRock’s co-head of U.S. real estate, Derek Helgeson, highlighted the strength of Southern California fundamentals and the liquidity they provide. CEO Larry Fink referenced the acquisition while speaking at the firm’s 2026 Infrastructure Summit.
Why it matters
The deal shows how major investors are targeting scarce housing in Southern California, affecting rental markets and local economies.
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