CHARLOTTE-Charter Properties Inc. has sold three apartment communities in the area to Centennial Holding Co. of Atlanta for $95 million.
The three communities total more than 800 apartment units, according to the Charlotte Business Journal. Centennial acquired the Long Creek Club and Longview apartment complexes in the Northlake area, along with The Paddock at Springfield apartment community in Fort Mill. The firm has rebranded the Northlake complexes as Century Northlake. The Fort Mill community is now known as Century Springfield Meadows.
John Porter, a partner at Charlotte-based Charter Properties, says the properties were sold because it's developing three new communities in Charlotte, Fort Mill and Mooresville.
“For us, debt and equity are not unlimited,” Porter says. “We've got other things we're working on, so we decided it was time to recycle capital.” See story in the Charlotte Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
