San Diego–based Strata Equity Group has purchased New York–based DRA Advisors’ Southeast Residential Portfolio, or SERP, for $720 million in one of the largest multifamily transactions this year.

The SERP portfolio contains 6,294 units across 24 properties in Georgia, Tennessee, and the Carolinas. The properties were all built between 1985 and 2000, with an average build year of 1996. Nearly three-quarters (72%) of the units are two- and three-bedroom plans, with an average unit size of 1,100 square feet. The properties’ net rental income has increased 12.2% over the past three years, and occupancy has remained consistent at 95.3% in the same period.

“This portfolio affords us with a truly unique opportunity to scale our platform while also securing a very attractive, risk-adjusted return for our investors,” David Michan, president of Strata Equity Group, said in a press release.

“We believe the long-term fundamentals of the apartment sector, particularly Class B product, remain healthy; our investment in SERP reinforces that belief,” added Scott Wittman, Strata’s director of investments.

CBRE Capital Markets secured approximately $500 million in financing for the portfolio on behalf of Strata. It will finance the portfolio with a mix of seven- and 10-year fixed- and floating-rate loans from Freddie Mac.