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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.
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