The area's rents have boomed by 20 percent over the past three years.

Meanwhile, deliveries and vacancy trends were not favorable in the second quarter.

Vacancy in the multifamily market sits at just 2.8 percent.

The deal aligns with the firm's sales strategy, which aims to develop and create value on assets before disposing them.

Investors are targeting newer assets.

A few years ago, the portfolio was recapped for $455 million.

The assets in the portfolios include a mix of garden-style and mid-rise apartments.

Sales were also strong at $540.1 million.