Brazilian construction firm Gafisa (NYSE:GFA) is not only selling houses these days. The company has signed an agreement to sell a 70% stake in residential community developer Alphaville Urbanismo to funds managed by Blackstone (NYSE:BX) and the American company's Brazilian partner firm Patria Investimentos.

According to a joint press release put out by Gafisa and Blackstone heralding the news, Gafisa will take in gross proceeds of 1.4 billion reals ($655 million) on the sale. The new majority owners plan to retain Alphaville's current management team.

The deal, which is subject to regulatory approval from the relevant entities, is expected to close toward the end of Q3.