CHARLOTTE—Two Southeast commercial real estate heavy hitters are teaming up to develop multifamily projects in the region's fastest-growing markets. Former Trammell Crow Residential CEO J. Ronald Terwilliger and Peter A. Pappas, CEO of Pappas Properties LLC, are looking to tap into the demand for multifamily.

Known officially as Terwilliger Pappas Multifamily Partners, the group is off to a good start. The multifamily developers just announced it closed on financing and is under construction with Crabtree Village, a 292-unit apartment community next to the Crabtree Valley Mall in Raleigh. The developers are also building 239 luxury units at Sharon Square in Charlotte's SouthPark area and is pursuing additional sites in Raleigh, Charlotte, Atlanta, and Nashville.

“We continue to see healthy interest in multifamily development and believe Terwilliger Pappas Multifamily Partners is uniquely positioned to take advantage of the attractive opportunities that exist today,” says Terwilliger, chairman emeritus of Trammell Crow Residential. “Led by Peter, Alan and Tom, our team has the experience, track record and expertise to develop exceptional multifamily projects in marquee locations across the Southeast.”

Terwilliger is talking about the partnership's management team, which includes Alan P. Dean, COO, and Thomas R. Barker, division executive. Barker and Dean, who joined Pappas Properties in 2011 to lead its multifamily development business, longtime former colleagues of Terwilliger at Trammell Crow Residential.

Terwilliger Pappas Multifamily Partners is currently working to acquire additional sites in Charlotte and Raleigh, and has two sites under contract in Atlanta. The group has also started to explore opportunities in the Nashville market.

Construction financing for the $40 million first phase of Crabtree Village is being provided by Wells Fargo and mezzanine financing is being provided by Lincoln Financial Group. The project architect is J. Davis Architects and is being constructed by Brasfield and Gorrie.

Instant Insights /

Terwilliger, Pappas Storm Multifamily Market

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