Done Deals: HFF closes $57 million sale of Solis Berewick in Charlotte, NC

Friday, June 21, 2019

HFF closes $57 million sale of Solis Berewick in Charlotte, NC

Solis Berewick, a 275-unit, Class A apartment community, 9550 Gannon Drive, Charlotte, NC

CHARLOTTE, NC – June 11, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $57.3 million sale of Solis Berewick, a 275-unit, Class A apartment community in Charlotte, North Carolina.

HFF marketed the property on behalf of the seller, Terwilliger Pappas, and procured the buyer, RK Properties.

Allan Lynch

Solis Berewick is located at 9550 Gannon Drive next to the grocery-anchored Berewick Town Center development, part of the 1,200-acre Berewick master-planned community in southwest Charlotte.

The property’s prime location also provides accessibility to Interstate 485 and top employers in the Uptown Charlotte and Ballantyne employment hubs.

Completed in 2017, Solis Berewick has units averaging 1,016 square feet featuring top-quality finishes such as ENERGY STAR® stainless steel appliances, custom-built white cabinetry, granite countertops, plank flooring, oversized windows, full-size washers and dryers, Nest Learning Thermostats, ButterflyMX video intercom systems, and spacious balconies and patios.

The NGBS Green Certified community also features high-end amenities, including a resort-style saltwater pool, outdoor grilling area with fire pit, gaming and entertainment lounge, state-of-the-art fitness center, private yoga/spin studio, dog park and pet spa, electric car charging stations, community nature trail and playground.

Justin Good

The HFF team was led by senior director Allan Lynch, managing director, Justin Good, director Caylor Mark and managing director Jeff Glenn.

“With the vision and execution of Solis Berewick, Terwilliger Pappas delivered a high-performing, premier asset in one of the fastest growing areas of Charlotte,” Lynch said.

“With its investment, RK Properties certainly recognized these attributes, and we are excited to be a part of their first acquisition in Charlotte.”

Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.

About Terwilliger Pappas

Terwilliger Pappas is one of the Southeast's leading developers of multifamily communities, dedicated to creating best-in-class apartment homes that deliver outstanding financial performance to its partners.

Based in Charlotte, North Carolina, with offices in Atlanta and Raleigh, Terwilliger Pappas has developed 20 communities under its marquee brand, Solis, since 2013.

Caylor Mark

The company's strategic site selection and understanding of the areas it develops, leads to an informed and unique design, making Solis an integral part of their surrounding communities.

For further information on Terwilliger Pappas, please visit https://www.terwilligerpappas.com.

About RK Properties

Since its founding in 1976, RK Properties has purchased and managed over $1.5 billion in multifamily apartment assets.

The company offers multifamily replacement properties for 1031 tax deferred exchanges, as well as DST and fund investment opportunities for accredited investors who are seeking a real estate investment.

As of this closing, RK Properties has sponsored approximately 151 private placement programs, of which 134 programs have gone full cycle. Solis Berewick is RK Properties’ fifth acquisition in the Southeast since 2017 as it continues its expansion in the region.