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The acquisition expands the REIT's footprint in a submarket that it says is a preferred location for companies and young professionals in the TAMI sector.

Pricing has risen a quarterly 13.3% to reach $113 per square foot.

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

The company recently acquired The Mint, a 178-unit class-A apartment building in Charlotte.

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.

Research from Berkadia shows that apartment concessions have decreased rapidly from the end of March through June.

In the second quarter, there was 248,000 square feet of positive absorption, pushing the vacancy rate down 10 basis points.