Transwestern Investment Group (TIG) and a national operator announce the acquisition of Century Highland Creek, a 338-unit apartment community at 5410 Prosperity Ridge Road in Charlotte, North Carolina. Centennial Holding Co., an institutional owner based out of Atlanta, sold the property.
“Century Highland Creek’s favorable location along Interstate 485 provides residents convenient access to Charlotte’s largest employment centers, including University City and Uptown,” said Wes Davidson, Vice President at TIG. “We see upside potential through repositioning the asset to take advantage of strong job growth and in-migration trends in the North Charlotte area.”
Currently 95 percent leased, Century Highland Creek was originally built in 2013. With 14 garden-style buildings, the property offers residents lakeside living with a low-density setting, on-site walking trails, and pet and car care stations. TIG plans to update the majority of the units, as well as upgrade the exterior common areas and amenities, including the leasing center, fitness center and pool.
The property’s location in the North Charlotte submarket provides superior access to Interstate 485 and numerous retail amenities. Century Highland Creek benefits from a median household income of more than $87,000 within a 3-mile radius. Jobs in North Charlotte increased by 14.7 percent from 2014 to 2019, nearly double the national growth rate of 7.9 percent during this time. As of 2019, North Charlotte’s population increased by 3.1 percent since 2014 and is expected to increase by 7.7 percent between 2019 and 2024.