The world’s largest asset manager just went on a California apartment-buying spree — snapping up 3,620 units for a whopping $1.625 billion and cementing its status as SoCal’s newest mega-landlord.

BlackRock acquired 11 apartment complexes in a deal announced Aug. 5 by JLL Capital Markets.

“The portfolio represents 16.5% of Southern California’s five-year average annual transaction volume by unit count in markets traditionally characterized by long-term ownership strategies,” JLL said.

The massive purchase stretches across Los Angeles County, Orange County, the Inland Empire and San Diego County, giving BlackRock a sizable foothold in some of Southern California’s most coveted apartment markets.

Among the notable properties are The Camden in Hollywood’s entertainment district, a 380-unit community in Mission Viejo and a 132-unit complex in San Diego’s sought-after Hillcrest neighborhood.

The deal is the biggest multifamily transaction in Southern California since KKR’s $2.1 billion purchase in June 2024.

KKR’s deal involved a portfolio of 5,200 units spread across California and states including Florida and Texas.

BlackRock’s latest acquisition shows the continued appetite from deep-pocketed investors for large-scale apartment portfolios in a region where the housing supply remains tight.

“The significant investor demand for these best-in-class assets in supply-constrained markets underscores the strength of Southern California fundamentals, leading to significant liquidity at scale. Southern California has long been one of the most durable multifamily markets in the country,” Co-Head of US Real Estate at BlackRock Derek Helgeson also added in the announcement.

JLL Capital Markets, one of the world’s largest commercial real estate and investment firms, represented the seller, Camden Property Trust, and helped finance $566.6 million of BlackRock’s acquisition.

The blockbuster transaction adds another 3,620 apartments to BlackRock’s growing real estate empire.