AVR Realty Co. sold a portfolio of 11 multifamily properties across Louisiana, South Carolina, Tennessee and Georgia for $510 million in an off-market transaction, The Real Deal reported, citing unnamed sources.

The properties, which total 3.6 million square feet and contain 3,600 apartment units, were acquired by investor David Werner and the Cohen family's Carlton Associates.

Sources told the publication that the buyers may consider building 200 additional units at the properties.

Werner, AVR and Carlton were not available for comment, according to the report.