Cottonwood Residential OP LP is selling 12 multifamilly properties to Ares Management LP affiliate Ares U.S. Real Estate Fund IX LP for about $440 million, Bloomberg News reported, citing people with knowledge of the matter.

The properties are in Tennessee, Texas, Georgia, North Carolina and South Carolina, the publication cited one of the sources as saying.

Ares U.S. Real Estate Fund IX LP is focused on the multifamily, industrial, retail and office sectors with a focus on renovating, re-tenanting and repositioning properties.