FCP, Terwilliger Pappas Sell Two Charlotte Properties for $129M
The two firms sold the Solis Waverly, a 375-unit luxury multifamily property to Dallas-based Lan Properties/Lantower Residential for $84.4 million. They also traded the 194-unit Solis Ballantyne for $44.2 million to Continental Realty Corporation of Baltimore.
CHARLOTTE, NC—Partners FCP of Chevy Chase, MD and Terwilliger Pappas Family Partners, which is headquartered in Charlotte, NC, have sold two of their multifamily properties here in separate transactions totaling nearly $129 million
The two firms sold the Solis Waverly, a 375-unit luxury multifamily property to Dallas-based Lan Properties/Lantower Residential for $84.4 million. They also traded the 194-unit Solis Ballantyne for $44.2 million to Continental Realty Corporation of Baltimore.
“Solis Waverly and Solis Ballantyne provided an excellent opportunity to partner with FCP on two of the Southeast’s most desirable sites,” says Terwilliger Pappas CEO Peter A. Pappas. “Our team’s interest in developing best in class communities aligns well with FCP’s strategy of delivering superior results to their investors. We look forward to pursuing new opportunities with FCP.”
Both relatively new properties were completed in 2016 and the leasing was managed by Bozzuto.
Solis Waverly is a Class A luxury multifamily project in Waverly, a pedestrian-friendly, master planned community that features Class A retail and office space, single-family homes and a 146-room Hilton Garden Inn. Waverly’s 90 acres just south of I-485 features 250,000 square feet of 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.
Solis Ballantyne is also a Class-A luxury community that is located in Charlotte’s submarket of Ballantyne. The property is convenient to the many restaurants, shops and recreational amenities that are a part of Ballantyne. Commercial amenities include Ballantyne Corporate Center, a corporate office campus containing more than 4 million square feet of Class A office space.
Phil Brosseau Jr., Howard Jenkins, Kevin Kempf and David Lansbury of CBRE represented FCP and Terwilliger Pappas in the sale of Solis Waverly. Andrea Howard, Jim Sewell, David Gutting and Derrick Bloom of JLL handled the sale for the partnership in the Solis Ballantyne transaction. Fortune Johnson served as the general contractor for both developments.