Dec
02

Charlotte Apartment Communities Sold for $96 million

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Charter Properties Inc., a Charlotte multifamily company, has sold three apartment complexes totaling more than 800 units to an Atlanta real estate investment firm for $96 million.

Centennial Holding Co. purchased the Long Creek Club and Longview apartment complexes in the Northlake area as well as The Paddock at Springfield apartment community in Fort Mill. The firm has rebranded the Northlake complexes under its Century brand as Century Northlake, and the Fort Mill community has been renamed Century Springfield Meadows.

John Porter, a partner at Charter, says the company chose to sell the properties because it’s developing three new communities in Charlotte, Fort Mill and Mooresville.

The firm expects to deliver a 250-unit complex near the intersection of Ervin Road and N.C. Highway 150 in Mooresville in the spring, and it plans to break ground in the first quarter for a 300-unit complex near the intersection of North Tryon Street and Pavilion Boulevard in Charlotte. In the second quarter, Charter will kick off a 330-unit complex near the intersection of Dave Gibson Boulevard and S.C. Highway 160 in Fort Mill.

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