Apartment developer Terwilliger Pappas Multifamily Partners and institutional investors advised by J.P. Morgan Asset Management are starting construction on a 300-unit complex in South End.
The Solis Southline apartment project will be built on a 3.5-acre site at South Boulevard and Remount Road, adjacent to the light-rail line. The Charlotte Business Journal reported early this year that Terwilliger Pappas was evaluating the site for a new multifamily complex. A limited liability company managed by Terwilliger Pappas bought the property late last month for $5.25 million.
Plans for Solis Southline include 5,200 square feet of ground-level retail, a 400-space parking garage and amenities including a bike shop, bike-storage areas, a 10,000-square-foot clubroom, fitness center and a pool with cabanas set in a 14,000-square-foot courtyard.
“The energy of South End is very attractive to the young professional market, and we are pleased to have the opportunity to develop what we believe will be a very compelling offering,” said Peter Pappas, chief executive at Terwilliger Pappas. The first units are expected to be complete by spring 2017.
Wells Fargo is providing construction financing for the development, and real estate records show the developers have secured $36 million from the lender. Brasfield Gorrie is the general contractor, and the design team includes JDavis Architecture and Cole Jenest Stone.
There are 12,334 apartment units under construction in the Charlotte region and another 13,503 units proposed, according to research firm Real Data. The submarket that includes South End has the highest number of units under construction but has also boasted the highest number of units absorbed in recent months, according to the firm’s latest report.