Who We Are
Charter Properties, Inc., a real estate investment, development and management company, was founded in 1970 by The Springs Company and William A. White, Jr. Charter Properties, Inc. is 100% owned by The Springs Company. The Springs Company was formed as a holding company for The Close Family, founders of Springs Industries, Inc., at one time one of the world’s largest textile firms, whose common stock was for over thirty years traded on the New York Stock Exchange and is now private. The Springs Company controls significant investments in land, improved real estate, and various other business entities.
Charter’s principals source suburban and urban in-fill sites for the purpose of developing Class A rental apartments for cash generation and sale to institutional investors. We are focused on site prominence and site plan, as well as the presence of employment generators and retail uses that respond to the daily needs of our residents. We take a disciplined approach to product mix and unit design to ensure that construction costs and rental rates are in balance for the incomes and prospective renters we intend to capture. We do not take entitlement risk, but rather have cultivated a reputation, performance and track record that draw patient land sellers to CPI. We have outstanding relationships with banks and negotiate conservative debt structures that allow for extended lease up term if needed and contemplate debt-free sales.
During its 50-year history, Charter has created value through real estate investment and development as well as active property and asset management, including development of the first planned office park in Charlotte as well as the first luxury condominium project in the city. CPI has successfully invested in joint ventures with such diverse entities as NationsBank (predecessor to Bank of America), Crescent Resources, Citibank Employees’ Pension Fund and private wealth family offices. In the multifamily arena, Charter has developed almost 10,000 apartment units in 35 projects, delighting our investors with an average Internal Rate of Return in excess of 20% over the past 14 years. Including over 1,500,000 square feet of retail and office property, Charter has cumulatively built $800M of investment real estate. Its top five executives have served the firm for an average of 26 years.
Charter Gives Back