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Charlotte Multifamily

Cedar Grove Snaps Up South Charlotte Apartments For $16M

Cedar Grove Capital acquired the 301-unit Montclaire Estates off East Arrowood Road near South Boulevard. The New York-based buyer paid about $16.2M for the property, which has 36 buildings on 26 acres. The property last traded in '14 for $11.9M.

Cedar Grove, which specializes in value-add deals in secondary and other markets nationwide, plans to upgrade Monclaire Estates, the Charlotte Business Journal reports, such as improvements to unit kitchens and bathrooms. The company also tapped Maryland-based Ross Management Cos to manage the property, including boosting its online marketing and advertising campaigns. [CBJ]

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