CENTENNIAL HOLDING CO. BUYS THREE PROPERTIES FOR $96M

CHARLOTTE, N.C. — Charter Properties Inc. has sold three multifamily communities totaling more than 800 units to Centennial Holding Co. for $96 million. Atlanta-based Centennial acquired Long Creek Club ($35.8 million) and Longview ($32.2 million) in Charlotte's Northlake submarket, along with The Paddock at Springfield ($28 million) in Fort Mill. The company has renamed the Northlake properties as Century Northlake and rebranded The Paddock at Springfield as Century Springfield Meadows. Charter sold the complexes because the company is developing three new properties in Charlotte, Fort Mill and Mooresville. Phil Brosseau, vice president of investment properties of CBRE Group Inc.'s Carolinas multi-housing group, represented Charter in the transaction.