Praedium Group buys Charlotte, NC, apartment complex

Real estate investment firm Praedium Group LLC acquired an apartment complex in Charlotte, N.C., for $96 million in an off-market transaction, the Charlotte Business Journal reported, citing Mecklenburg County records.

The Novel Montford Park property was bought from CCB Montford Park LLC, which is affiliated with investment firm Barings LLC.

The property developed by Crescent Communities comprises 337 apartments and 15,000 square feet of retail space on the ground floor. Amenities include a 575-space parking deck, clubroom, telework room, pool, library and game room, among others.