Centennial Holdings Co. has rebranded Tapestry University City Apartments following its $100 million acquisition.
Atlanta-based Centennial purchased the 352-unit complex at 5340 Periwinkle Hill Ave. in late October from Birmingham, Alabama-based Arlington Properties. Following the closing, the property was renamed Century University City.
Bronson Smith, chief investment officer for Centennial, said the property was attractive because it was in line with the type of assets Centennial looks to invest in.
“We are a Class A suburban, garden-style apartment investor targeting the suburbs of the primary Southeast markets,” he said. “This high-density city suburb of Charlotte fit our search criteria.”
Century has studio, one-, two- and three-bedroom units. It includes a 7,000-square-foot clubhouse, fitness center and pool as well as a lawn, pet park, outdoor grilling stations and pocket parks, and walking trails.
Arlington Properties had acquired the 20-acre property for $7.3 million in January 2020, according to Mecklenburg County real estate records. The multifamily development, Arlington’s first in North Carolina, delivered and began leasing in 2021.
Smith said that because the property is so new, Centennial’s main focus will be on leasing it. At the time of purchase, the property’s occupancy rate was in the high 80% to low 90% range, he said.
“The plan is to stabilize the asset, and since it’s a brand-new deal, there’s not much value-add, in the true sense, to accomplish,” he said. “It’s really stabilizing and continue to manage for greater efficiencies going forward.”
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