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May 21, 2021

Terwilliger Pappas sells newly built apartment property in Charlotte for $66.5M

Another apartment property in Charlotte has sold.

IRT Living, which is part of Philadelphia REIT Independence Realty Trust (NYSE: IRT), acquired Solis City Park for $66.5 million, according to Mecklenburg County real estate records. The recently delivered project by Charlotte developer Terwilliger Pappas is on a 7.6-acre site at 2322 Arbor Loop Drive, off Tyvola Road and part of the old Charlotte Coliseum site.

Solis City Park includes 272 apartments and sold for nearly $245,000 per unit. The property also includes amenities like a swimming pool with cabanas, gaming and entertainment lounge, outdoor grilling area with fire pit, pet spa, fitness center, cyber cafe with coffee bar, and yoga/spin studio.

The property saw strong lease-up earlier this year, with at least 58 leases signed during the month of April, a company record for property manager RKW Residential.

The Charlotte market is tracking for another strong year for multifamily capital markets activity, those in the space say. Last year, even with the Covid-19 pandemic, apartment sales volume totaled $3.5 billion, compared to nearly $3.7 billion in 2019.

Elsewhere in town, Terwilliger Pappas will soon begin work on a project in midtown and, later, in lower South End.

Marc RobinsonJordan McCarley and Michael Saclarides at Cushman & Wakefield represented Terwilliger Pappas in the transaction.