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ATLANTA-New York-based Praedium Group, in a joint venture with an unnamed operating partner in Tennessee, has bought the 360-unit Cedars I apartment complex in Charlotte from New York-based Equity Residential Properties Trust. The price was $15 million or about $41,667 per unit.

Cedars was built in 1984 and is 94% leased. It consists of one, two and three-bedroom, garden-style units with the average rent about $585 per month.

This is Praedium’s first Charlotte area acquisition. In a printed statement, Jeff Granowitz, a Praedium principal, says, “as the southeastern U.S. is near the bottom of its market cycle, we continue to look for opportunities to invest in markets across the region.”

He says Cedars I is in an “infill location in one of the more stable submarkets. As such, we believe it is well positioned to benefit from the eventual recovery in the overall market.”

Praedium has $2 billion in total investments, according to the company’s staement.

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