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May 6, 2020

Apartment property in large southwest Charlotte development sells for $43.9M

An apartment property in southwest Charlotte is under new ownership.

Solis Keltonwood at Berewick, the second Terwilliger Pappas-developed property in the Berewick master-planned community, was acquired by Myers Apartment Group out of West Palm Beach, Florida, for $43.9 million, according to Mecklenburg County real estate records.

Terwilliger Pappas began construction on the 230-unit Solis Keltonwood property about two years ago and started delivering apartments in the second half of 2019. Solis Keltonwood is at the intersection of Berewick Commons Parkway and Dixie River Road.

Current advertised rents at the property start at $1,186 for a 681-square-foot one-bedroom apartment and go up to $2,009 for a 1,505-square-foot three-bedroom unit.

Myers Apartment Group paid slightly more than $190,000 per unit for the property.

Last summer, Charlotte-based Terwilliger Pappas sold its first Berewick property, Solis Berewick, to California-based RK Properties for $57.3 million, or more than $208,000 per unit.

Terwilliger Pappas has turned its sights to Union County for its next local project, where it plans to develop a 256-unit property in Stallings called Solis Chestnut Farm.


By   – Real Estate Editor, Charlotte Business Journal