CHEVY CHASE, Md., Dec. 18,
2018 /PRNewswire/ -- FCPSM 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 to Continental Realty Corporation of Baltimore, MD.
"FCP felt fortunate to develop these properties with Terwilliger
Pappas, the Southeast's top developer of best in class multifamily
communities," said FCP Managing Partner, Lacy Rice. "Both communities set a high
standard, contributing to the success of their distinctive
neighborhoods."
"Solis Waverly and Solis Ballantyne provided an excellent
opportunity to partner with FCP on two of the Southeast's most
desirable sites," said CEO of Terwilliger Pappas,
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."
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. Waverly's 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. Leasing of the property was managed by Bozzuto.
Solis Ballantyne, also completed in 2016, is a 194-unit, Class-A
luxury community located in Charlotte's premier suburban submarket,
Ballantyne. The property features elevators and conditioned
corridor access as well as walkability to Charlotte's 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.
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. Charlotte's 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.
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.
Fortune Johnson served as the general contractor for both
developments.
About FCP
FCP℠ 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.
About Terwilliger Pappas
Terwilliger Pappas is one of
the Southeast's 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's 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.
Media
Contact:
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Karen
Widmayer
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KW Communications,
LLC
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karenwidmayerpr@gmail.com
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301-661-1448
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SOURCE FCP