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CHARLOTTE, N.C. — Institutional investors advised by J.P. Morgan Asset Management have acquired Elizabeth Square, a 267-unit multifamily property in Charlotte. Constructed in 2009, the property, which offers one-, two- and three-bedroom units, sold for $40.5 or $151,780 per unit. Dean Smith and Blake Okland of ARA represented the seller, Ashburn, Va.-based Woodfield Investments. Elizabeth Square was 93 percent occupied at the time of acquisition.