Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Camden Property Trust has successfully sold its 11-property California portfolio for $1.63 billion, exceeding its $1.5 billion target. The Houston-based REIT plans to use the proceeds to pay down debt and reinvest in Sun Belt markets through 1031 exchanges, aiming to reduce regulatory costs associated with its California holdings. This strategic move follows the acquisition of five apartment developments and two land parcels in the Sun Belt region, expanding its presence in those growth markets.