CHARLOTTE, NC—Magnolia Station Apartments has a new owner. The Praedium Group, a New York-based investment firm, snapped up the multifamily asset in partnership with Charlotte-based Grubb Properties for $36.5 million. Built in 2008, the 456-unit multifamily asset will be renamed Sterling Steele Creek Apartments.

“The asset was acquired at a discount to replacement cost in a market that had seen strong rent and occupancy growth over the last six to nine months with no new supply on the horizon,” Asim Hamid, vice president of Praedium, tells GlobeSt.com. “We believe that we can take advantage of these strong fundamentals during our hold. In addition, we also intend to make minor improvements to the asset to make it more competitive with other class A properties in the market.”

Specifically, Hamid says the joint venture will invest $400,000 during the next six months. The majority of the capital will go to improve common areas and amenities including the clubhouse, swimming pools, and fitness center. The new owner also plans to spruce up the landscaping, add a dog park and rebrand the asset.