An affiliate of Terwilliger Pappas Multifamily Partners has bought 2.15 acres at East Morehead Street and Kenilworth Avenue for the development of an apartment project.
The firm, headed by developer Peter Pappas, bought the five parcels from Ed Springs for $5.5 million. Pappas says the firm plans to build a 184-unit project at the site, which is occupied by several single-family structures built in the early 1900’s, some of which have been converted to office use.
The Charlotte Business Journal reported last year that Terwilliger Pappas was eyeing the site for an apartment project. Pappas, president of Pappas Properties, formed Terwilliger Pappas with Ron Terwilliger, the former CEO of Trammell Crow Residential, last year to develop apartment projects in the Southeast.
The project would be the third new apartment development along that stretch of East Morehead: Diagonally across from the Terwilliger Pappas site, Forestar Group Inc. has started demolition at a 2.77-acre site for a project with as many as 380 apartment units. And at the other end of the block, Crescent Communities has begun construction on a 296-unit project called Crescent Dilworth.
The properties Terwilliger Pappas bought are at 1236 East Morehead, 1244 East Morehead, 1014 Kenilworth, 1018 Kenilworth and 1022 Kenilworth. Tracy Efrid and Leigh Rounds at The Nichols Co. represented Springs on the sale. A proposed Walgreens drug store at the site was voted down by Charlotte City Council in 2012
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