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Oct 4, 2023

New Oberlin development grabs $114M in sale as area transforms

A Boston investment firm has paid more than $100 million for an apartment complex in the Oberlin neighborhood of Raleigh where investments continue to pour in.

TA Realty acquired the Solis Hills Apartments for $114.5 million in September from Charlotte developer Terwilliger Pappas, according to Wake County deed records. The apartments were built in 2022 by Terwilliger as part of its Solis brand.

The 315-unit apartment community has studio, one-, two- and three-bedroom units ranging from 540 to 1,569 square feet. Apartments.com reports rent ranges from $1,642 to $3,562 a month.

Whether rents will increase or other changes are planned is unclear as TA Realty did not respond to multiple requests for comment.

The apartments have stainless steel appliances, granite countertops, in-unit washer and dryer, built-in wood closet shelving, built-in entry bench with coat hooks and keyless fob entry with smart access.

The community has several amenities including a swimming pool, fitness center with yoga studio, gaming and entertainment rooms, coworking areas and courtyards with TVs, grills and a fire pit.

Terwilliger Pappas is planning another Solis property in Raleigh at the intersection of Buffaloe and Forestville roads. The Solis apartments come with a perks club for residents that provides discounts and rewards to certain restaurants and retail around Raleigh.

Solis Hills sits on just under 10 acres and has a total assessed value of approximately $70.1 million.

The Oberlin neighborhood is undergoing major transformation. The Budleigh East development along Oberlin and Fairview roads has multiple projects from different developers underway including apartments, a luxury senior living communitycondostownhomescottagessingle-family homes and retail space.

Luxury townhomes are planned for near Jaycee Park and luxury duplexes are going in on Lyon Street, also near Jaycee Park.

At the nearby Village District, work is underway on a boutique hotel in the popular dining and shopping area.


By Kayli Thompson – Staff Writer, Triangle Business Journal