Charlotte, N.C.—Cedar Grove Capital has acquired Montclaire Estates, a 301-unit, 26-acre apartment community in southern Charlotte. ROSS Management Services will serve as property manager for the community, marking its ninth partnership in the last year with Cedar Grove.
Montclaire Estates offers studio, one-, two- and three-bedroom units across 36 buildings. Units range in size from 525 to 1,270 square feet and 55 of the apartments are townhome-style. Cedar Grove plans to complete several upgrades, including the installation of new lighting, cabinets, counters and appliances in kitchens and bathrooms. Select units will also receive new flooring and windows, while the parking lot surface will also be repaired as needed.
Amenities include a fitness center, swimming pool, picnic and grilling area, dog park, playground and cyber cafe.
Cedar Grove is capitalizing on the growth of the Charlotte market, with the zip code for Montclaire Estates being “the fastest growing zip code in all of Charlotte,” according to Aaron Gorin, managing partner of New York City-based Cedar Grove. “The population of the area surrounding Montclaire Estates has increased by 25 percent since 2010, with projections calling for that population to grow by another 13 percent before the end of the decade…Clearly, this city and this submarket will experience consistent, long-term demand for quality apartment homes, and we believe this well-located community will capture a significant portion of it through its enticing amenities and convenient services.”
Located at 8508 Logan South Circle, the community is within walking distance of the LYNX Blue Line light rail for easy transportation access to Uptown, the city’s CBD with restaurants, shops and sporting events. It’s also near the I-77 and I-485, close to two of the city’s largest employment centers—the Steel Creek manufacturing and industrial area and SouthPark, which includes the 1.6 million-square-foot SouthPark Mall.
“Charlotte is an exceptionally vibrant city, and Montclaire Estates offers an outstanding living experience in the heart of this exciting area,” said Dave Miskovich, COO for ROSS Cos., the parent company of ROSS Management Services. “…Our goal is to provide the best resident living experience possible to further enhance the quality of the location in order to make Montclaire Estates the premier place to live in the neighborhood.”
ROSS also plans to implement property management upgrades like online and mobile rent payment, service requests and account management. The company will also improve the community’s online marketing and advertising campaigns.
In April, the two companies partnered on acquiring and managing the Chesterfield Apartments in Winston-Salem, N.C.