Updated Aug 23, 2026
/Cerebras Systems doubled core revenue in Q2 as GAAP hardware sales fell 23%/Camden CEO Alex Jessett redirects $1.625 billion California exit to Sun Belt acquisitions and share buybacks/Quantum Computing Inc. reports 9,000% revenue jump as quantum stocks move in tandem/SpaceX's bid to acquire Cognition AI stalls as startup targets $40 billion valuation/Werewolf Therapeutics shares double on Ambros merger and $150 million PIPE/Treasury bond buyback expansion lifts gold and bitcoin as dollar retreats/Cerebras Systems doubled core revenue in Q2 as GAAP hardware sales fell 23%/Camden CEO Alex Jessett redirects $1.625 billion California exit to Sun Belt acquisitions and share buybacks/Quantum Computing Inc. reports 9,000% revenue jump as quantum stocks move in tandem/SpaceX's bid to acquire Cognition AI stalls as startup targets $40 billion valuation/Werewolf Therapeutics shares double on Ambros merger and $150 million PIPE/Treasury bond buyback expansion lifts gold and bitcoin as dollar retreats
NewsSOS
← NewswireDeals

Camden CEO Alex Jessett redirects $1.625 billion California exit to Sun Belt acquisitions and share buybacks

HOUSTON, Aug. 23. A $1.625 billion California portfolio sale is reshaping Camden Property Trust's ($OP) capital program, with new CEO Alex Jessett directing the proceeds into Sun Belt multifamily assets and share repurchases, according to an interview with Multifamily Dive. The Houston-based REIT sold an 11-property, 3,620-unit Southern California portfolio to a BlackRock-managed vehicle, then reinvested roughly $1 billion through 1031 exchanges into Sun Belt properties.

By Rafael Okonkwo2 min read$OP
Share

Key takeaways

  • Camden Property Trust sold an 11-property, 3,620-unit Southern California portfolio for $1.625 billion to a BlackRock-managed vehicle.
  • New CEO Alex Jessett reinvested roughly $1 billion of the proceeds through 1031 exchanges into Sun Belt multifamily properties.
  • Camden's share buybacks reached $700 million, exceeding the original $600 million target, due to trading at a discount to replacement value and net asset value.
  • Jessett became Camden's second CEO in its 44-year history in March, replacing co-founder Ric Campo, while co-founder Keith Oden is also retiring.
  • Jessett said the pending Equity Residential-AvalonBay merger has no impact on Camden and reflects a doubling down on a coastal approach.

HOUSTON, Aug. 23. A $1.625 billion California portfolio sale is reshaping Camden Property Trust's ($OP) capital program, with new CEO Alex Jessett directing the proceeds into Sun Belt multifamily assets and share repurchases, according to an interview with Multifamily Dive. The Houston-based REIT sold an 11-property, 3,620-unit Southern California portfolio to a BlackRock-managed vehicle, then reinvested roughly $1 billion through 1031 exchanges into Sun Belt properties.

The share repurchase tranche exceeded the original plan. Jessett said he targeted $600 million in buybacks and ended at $700 million, citing what he described as Camden's trading position at a significant discount to both replacement value and net asset value.

Jessett became Camden's second CEO in the company's 44-year history in March, replacing co-founder Ric Campo. Co-founder Keith Oden is also retiring. Both founders remain connected to the company, and Jessett said his 27 years at Camden, including heavy involvement in every major decision for the past 20, give him reason to hold the operating posture steady.

Sun Belt markets and concentration limits

Camden operates in 13 major markets. Jessett described the apartment business as a function of population and employment growth, and said Sun Belt markets lead on both measures. The DMV (Washington, D.C., Maryland, and Virginia) is Camden's largest market by net operating income; Houston is second. Both currently exceed 10% of NOI. Jessett said he intends to reduce each below that threshold, either through asset sales or by growing other markets faster.

Nashville is Camden's smallest market. Jessett said he wants to add properties there and in Austin, where he acknowledged current oversupply but said demand from residents aged 25 to 34, which he argued concentrates in those two cities, will hold once supply is absorbed.

The Equity Residential-AvalonBay read-through

The pending merger between Equity Residential and AvalonBay Communities carries no impact for Camden, Jessett said. Both companies had previously stated intentions to increase Sun Belt exposure; the merger, he said, effectively doubles down on a coastal approach instead. He pushed back on predictions of further REIT consolidation, saying Camden's current scale lets it take actions that affect results in ways a larger organization cannot.

Jessett said his hope is that Camden's share price recovers quickly, allowing the company to shift capital back toward property development and acquisitions.

Related reading

Keep reading

All bulletins →
DealsAugust 23, 2026

SpaceX's bid to acquire Cognition AI stalls as startup targets $40 billion valuation

NEW YORK, Aug. 23. SpaceX's attempt to acquire Cognition AI Inc., valued at $26 billion in a May funding round, has stalled without a deal, according to people familiar with the matter. Talks are no longer active. The two companies are…

2 min read
DealsAugust 23, 2026

Werewolf Therapeutics shares double on Ambros merger and $150 million PIPE

NEW YORK, Aug. 21. Werewolf Therapeutics (HOWL) shares more than doubled Friday morning after the company disclosed a definitive merger agreement with privately held Ambros Therapeutics, leaving existing HOWL shareholders with 6.8% of the…

2 min read
DealsAugust 21, 2026

VRTS declares $2.45 quarterly cash dividend, payable November 13

Aug. 21. VRTS declared a quarterly cash dividend of $2.45 per share, the company disclosed, with payment scheduled for November 13. Shareholders of record as of October 30 will receive the distribution. The ex

2 min read

Frequently asked

Who is the new CEO of Camden Property Trust and when did he take over?

Alex Jessett became Camden's second CEO in the company's 44-year history in March, replacing co-founder Ric Campo, after 27 years at the company.

What did Camden do with the proceeds from its California portfolio sale?

Camden reinvested roughly $1 billion through 1031 exchanges into Sun Belt properties and directed the rest toward share repurchases totaling $700 million.

Which are Camden's largest markets and what are the concentration plans?

The DMV (Washington, D.C., Maryland, and Virginia) is the largest market by net operating income and Houston is second, both exceeding 10% of NOI, and Jessett intends to reduce each below that threshold through asset sales or faster growth in other markets.

Where does Camden want to expand?

Jessett wants to add properties in Nashville, Camden's smallest market, and in Austin, where he expects demand from residents aged 25 to 34 to hold once current oversupply is absorbed.

How does the Equity Residential-AvalonBay merger affect Camden?

Jessett said the merger carries no impact for Camden and effectively doubles down on a coastal approach, and he pushed back on predictions of further REIT consolidation.