(Crystal Proenza is associate editor of Real EstateFlorida.)

DAVIE, FL-Locally based New Dawn Cos. LLC has acquired a multifamily portfolio from Chicago-based Equity Residential consisting of 1,428 apartments in four developments in Raleigh, NC and Nashville, TN. The purchase was funded through a $96.7 million loan secured by Charlotte, NC-based Grandbridge Real Estate Capital.

"This acquisition allows New Dawn to apply their hands-on experience to renovate and upgrade the properties to compete against other first-class projects," Al Rex, Grandbridge senior VP, tells GlobeSt.com. Grandbridge funded the four apartment communities through Freddie Mac's Acquisition Upgrade Mortgage product, designed specifically for multifamily properties that are planning renovations after an acquisition.

"All of the communities will receive enhanced/updated amenities, landscaping and improvements to the apartment homes," Todd Olive, executive VP of New Dawn, tells GlobeSt.com. "The improvements will vary a bit from community to community, but all will have new kitchen flooring, carpet, appliances and kitchen cabinet work involved."