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The combined company will own approximately 38,000 apartment units across 131 communities.

The companies have already reached an agreement on the construction and sale of more than 1,000 homes across seven communities over the next several years.

Nationally, commercial and multifamily construction starts were 10% higher on a year-to-date basis through the first six months of the year.

The fund has a hard cap of $12.5 billion.

The company is anticipating demand for alternative energy and infrastructure services in the coming years.

Canyon Partners Real Estate and Pacific Western Bank partnered to provide the construction loan.

The purchase of Sorrento Towers is the third acquisition that the two companies have made together.

They will begin renovating the 1.2-million square foot facility into an office and retail destination in West Chelsea.