FCP\u2120 and partner Terwilliger Pappas Multi Family Partners (TPMP) announce two separate transactions totaling $128.6 million. The first, Solis Waverly, was sold for $84.4 million to Dallas-based Lan Properties\/Lantower Residential. In a separate transaction, Solis Ballantyne was sold for $44.2 million.<\/p>\n
\u201cFCP felt fortunate to develop these properties with Terwilliger Pappas, the Southeast\u2019s top developer of best in class multifamily communities,\u201d said FCP Managing Partner, Lacy Rice. \u201cBoth communities set a high standard, contributing to the success of their distinctive neighborhoods.\u201d<\/p>\n
\u201cSolis Waverly and Solis Ballantyne provided an excellent opportunity to partner with FCP on two of the Southeast\u2019s most desirable sites,\u201d said\u00a0CEO of Terwilliger Pappas,\u00a0Peter A. Pappas. \u201cOur team\u2019s interest in developing best in class communities aligns well with FCP\u2019s strategy of delivering superior results to their investors. We look forward to pursuing new opportunities with FCP.\u201d<\/p>\n
Solis Waverly, with development completed in 2016, is a 375-unit luxury multifamily project in Waverly, a pedestrian-friendly, master planned community with an urban feel and featuring Class A retail and office space, attractive single-family homes and a 146-room Hilton Garden Inn with a rooftop pool.\u00a0Waverly\u2019s 90 acres just south of I-485 feature 250,000 square feet of prominent retail uses (developed by Childress Klein and Crosland Southeast) anchored by a Whole Foods that was announced just after FCP and TPMP committed to building Solis Waverly.\u00a0Leasing of the property was managed by Bozzuto.<\/p>\n
Solis Ballantyne, also completed in 2016, is a 194-unit, Class-A luxury community located in Charlotte\u2019s premier suburban submarket, Ballantyne. The property features elevators and conditioned corridor access as well as walkability to Charlotte\u2019s most accomplished public schools. Solis Ballantyne is convenient to the many restaurants, shops and recreational amenities that are a part of Ballantyne. Commercial amenities include Ballantyne Corporate Center, a nationally recognized corporate office campus containing more than 4 million square feet of Class A office. Leasing of the property was managed by Bozzuto.<\/p>\n
The Ballantyne submarket had the highest occupancy in the Charlotte market during the latest downturn (2008-2011) at 93.8% and only two multifamily properties have sold in the last 10 years in Ballantyne (other than Waverly), with no Class-A sales.\u00a0Charlotte\u2019s job and population growth continue to exceed peer cities. The city is third in population growth in 2017 for large U.S. cities and boasts population growth of 155% from 2000-2017 for the Ballantyne submarket.\u00a0<\/p>\n
FCP and Terwilliger Pappas extend their appreciation to Phil Brosseau Jr., Howard Jenkins, Kevin Kempf and David Lansbury of CBRE for their representation in the sale of Solis Waverly and to Andrea Howard, Jim Sewell, David Gutting and Derrick Bloom of JLL for the Solis Ballantyne sale.<\/p>\n
Fortune Johnson served as the general contractor for both developments.<\/p>\n
About FCP
\nFCP\u2120 is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.<\/p>\n
About Terwilliger Pappas <\/p>\n","protected":false},"excerpt":{"rendered":" FCP\u2120 and partner Terwilliger Pappas Multi Family Partners (TPMP) announce two separate transactions totaling $128.6 million. The first, Solis Waverly, was sold for $84.4 million to Dallas-based Lan Properties\/Lantower Residential. In a separate transaction, Solis Ballantyne was sold for $44.2 … Continue reading
\nTerwilliger Pappas is one of the Southeast\u2019s leading developers of multifamily communities, dedicated to creating best-in-class apartment homes that deliver outstanding financial performance to its partners. Based in Charlotte, NC, with offices in Atlanta and Raleigh, Terwilliger Pappas has developed 20 communities under its marquee brand, Solis, since 2013. The company\u2019s strategic site selection and understanding of the areas it develops, leads to an informed and unique design, making Solis an integral part of their surrounding communities. For further information on Terwilliger Pappas, please visit https:\/\/www.terwilligerpappas.com<\/a>.<\/p>\n