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Mar 1, 2023

Raleigh developer sells Summerville residential community

A Summerville luxury residential community has been sold to a Boston-based real estate investment firm.

Raleigh, N.C.-based Terwilliger Pappas, a multifamily developer, has sold Solis Nexton, a 320-unit luxury residential community in Summerville, to West Shore.

Financial details of the transaction were not disclosed.

West Shore, a multifamily real estate investment firm, now owns and operates 45 properties with over 14,000 units in seven states, according to a news release. The sale marks the 29th community completed and sold by Terwilliger Pappas since the company’s founding in 2013.

Solis Nexton is the first community Terwilliger Pappas has developed in Summerville, the release stated. Located in the Nexton master-planned community, Solis Nexton features one-, two-, and three-bedroom apartment homes located in nine three-and-four-story buildings, the release stated. The residences feature spacious floorplans with modern finishes, granite countertops, stainless steel appliances, and walk-in closets.

The 11-acre community is located within walking distance to Nexton Square and offers a resort-style pool, dog park, pet spa, entertainment lounge, state-of-the-art fitness center and private yoga/spin studio, electric charging stations and a community pocket park, the release stated.

“We are pleased to have acquired Solis Nexton, our eighth property in South Carolina,” said West Shore President Lee Rosenthal in the release. “Solis Nexton offers residents upscale apartment homes in an ideal location, with access to all-inclusive amenities, shopping, and dining. The community is in close proximity to several other West Shore properties, allowing us to leverage our knowledge of the area and provide terrific living experiences for our residents.”

The marketing of Solis Nexton was handled by Alex Okulski at Newmark Group, according to the release. Lincoln Property Co. was the leasing and property management company for the project.

Reach Jason at 864-568-7570.