Core Insights - Camden is considering exiting California, following other multifamily firms like Wood Partners, which ceased pursuing opportunities in the state due to regulatory challenges [3][4] - The regulatory environment in California, including eviction moratoriums, has been cited as a significant obstacle for apartment firms [3][4] - Camden has placed all its California properties, totaling 3,600 units across various locations, on the market [6] Company Actions - Camden's decision to market its California properties aligns with its historical frustrations regarding the state's regulatory backdrop and the cost of doing business [4][5] - The firm has acknowledged the marketing of its properties but has refrained from further comments due to a blackout period before earnings [6] Market Context - Camden's properties in California include 11 locations in Los Angeles, Orange County, San Diego, and the Inland Empire [6] - If a sale occurs, it is estimated to be in the $1.5 million range, with a projected cap rate of 5.8% for Camden and a low 5% cap rate for potential buyers [6]