The two properties are located in Las Vegas and Southern California and total nearly 700 units.

Fourth Street Distribution Center, a 1.43-million-square-foot distribution center, sold for $191 million.

Mesa West Capital provides a $40 million loan for the purchase of South Valley Ranch Apartments.

"With cap rates increasing ever so slightly for tenants such as AutoZone, O'Reilly's and Advance Auto, investors will be able to acquire investment grade credit at higher yields."