BlackRock

Six MOUs, no signed checks yet, and a developer's cost of capital just moved anyway.

Camden's own filing prices the 11-community sale at $1.625 billion, or roughly $449,000 a door, in the priciest apartment trade in two years.

The capital structure, not the compute, is the story: this is the financing template gigawatt-scale AI campuses are about to run on.

One platform, 51 campuses, 6.4 gigawatts, and a fresh $5 billion to build more.

The first tenant deal on a 1.2 GW platform confirms where the power, and the capital, is landing: the low-friction Texas grid.