Feb
13

Charlotte’s Quarterside Apartments Sold

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The Connor Group, a real estate investment firm based in Ohio, has purchased the 184-unit Apartments at Quarterside in uptown Charlotte for $31.2 million from two affiliates of Grubb Properties.

Quarterside, located at Seventh and McDowell streets, was originally developed by Centro Cityworks as a condominium project. But Centro converted the three-building project to apartments in 2009 after selling only two units as condos.

Grubb purchased the project in 2011 for about $22 million. The Charlotte real estate firm bought two loans for the project totaling $27 million from Bank of America Corp. for $21 million, and Centro transferred the property to Grubb affiliates about a month later for a similar value. Grubb also bought back the two units that had been sold as condos.

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