The second tranche of the purchase involves an unidentified property that is currently under construction. When the purchase of that property closes, the deal will bring the total five-property portfolio to change hands at 531 units and the total purchase price at $130 million.

The owner Ravi Patel refinanced the mortgage with a 10-year fixed-rate loan.

The retail property, built a decade ago for $284 million, trades hands for $80 million with plenty of upside opportunity.

PNC was selected by The Mortgage Bankers Association as this year's winner for making significant strides in gender equality through its Men as Allies program.