CHEVY CHASE, Md., Dec. 18, 2018 /PRNewswire/ — FCPSM and partner Terwilliger Pappas Multi Family Partners (TPMP) announce two separate transactions totaling $128.6 million. The first, Solis Waverly, was sold for $84.4 million to Dallas-based Lan Properties/Lantower Residential. In a separate transaction, Solis Ballantyne was sold for $44.2 million to Continental Realty Corporation of Baltimore, MD.
"FCP felt fortunate to develop these properties with Terwilliger Pappas, the Southeast’s top developer of best in class multifamily communities," said FCP Managing Partner, Lacy Rice. "Both communities set a high standard, contributing to the success of their distinctive neighborhoods."
"Solis Waverly and Solis Ballantyne provided an excellent opportunity to partner with FCP on two of the Southeast’s most desirable sites," said CEO of Terwilliger Pappas, Peter A. Pappas. "Our team’s interest in developing best in class communities aligns well with FCP’s strategy of delivering superior results to their investors. We look forward to pursuing new opportunities with FCP."
Solis Waverly, with development completed in 2016, is a 375-unit luxury multifamily project in Waverly, a pedestrian-friendly, master planned community with an urban feel and featuring Class A retail and office space, attractive single-family homes and a 146-room Hilton Garden Inn with a rooftop pool. Waverly’s 90 acres just south of I-485 feature 250,000 square feet of prominent retail uses (developed by Childress Klein and Crosland Southeast) anchored by a Whole Foods that was announced just after FCP and TPMP committed to building Solis Waverly. Leasing of the property was managed by Bozzuto.
Solis Ballantyne, also completed in 2016, is a 194-unit, Class-A luxury community located in Charlotte’s premier suburban submarket, Ballantyne. The property features elevators and conditioned corridor access as well as walkability to Charlotte’s most accomplished public schools. Solis Ballantyne is convenient to the many restaurants, shops and recreational amenities that are a part of Ballantyne. Commercial amenities include Ballantyne Corporate Center, a nationally recognized corporate office campus containing more than 4 million square feet of Class A office. Leasing of the property was managed by Bozzuto.
The Ballantyne submarket had the highest occupancy in the Charlotte market during the latest downturn (2008-2011) at 93.8% and only two multifamily properties have sold in the last 10 years in Ballantyne (other than Waverly), with no Class-A sales. Charlotte’s job and population growth continue to exceed peer cities. The city is third in population growth in 2017 for large U.S. cities and boasts population growth of 155% from 2000-2017 for the Ballantyne submarket.
FCP and Terwilliger Pappas extend their appreciation to Phil Brosseau Jr., Howard Jenkins, Kevin Kempf and David Lansbury of CBRE for their representation in the sale of Solis Waverly and to Andrea Howard, Jim Sewell, David Gutting and Derrick Bloom of JLL for the Solis Ballantyne sale.
Fortune Johnson served as the general contractor for both developments.
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.