The acoustic phonon modes of colloidal CdSe nanoparticles in solution (293 K) are passively measured by a third order ultrafast heterodyne cross-polarized transient grating measurement. Using the observed size-dependence of the acoustic phonon frequency, the elastic properties of the nanoparticles are determined. The size-dependence of the elastic modulus is then used to ascertain information about the relative surface energies of the nanocrystals and suggests the extent and depth of surface reconstruction.