NC Assets Change Hands for $129M

Las Properties/Lantower Residential acquired Solis Waverly, while Continental Realty Corp. bought Solis Ballantyne. Located in Charlotte, N.C., the 375- and 194-unit communities were both completed in 2016.
Solis Waverly
Solis Waverly

Federal Capital Partners (FCP) together with Terwilliger Pappas Multi-Family Partners (TPMP) has secured the $128.6 million sale of two communities located in Charlotte, N.C.

The properties include Solis Waverly, a 375-unit community sold for $84.4 million to Las Properties/Lantower Residential and Solis Ballantyne and a 194-unit property which traded for $44.2 million to Continental Realty Corp.

Located at 6101 Ardrey Kell Road, the 10 two-, three- and four-story buildings sit on approximately 17.5 acres. Completed in 2016, Solis Waverly features a mix of one-, two- and three-bedroom units ranging from 570 to 1,606 square feet. According to data provider Yardi Matrix, the community had a 90.1 percent occupancy rate as of November. Common-area amenities include:

  • fitness center
  • clubhouse
  • playground
  • swimming pool
  • electric car charging stations
  • outdoor terrace with patio seating
  • billiards and poker tables
  • grilling stations

Completed in 2016, Solis Ballantyne consists of one two-story building at 9550 Community Commons Lane. The community offers a mix of one-, two- and three-bedroom units averaging 923 square feet and includes common-area amenities such as a fitness center, a clubhouse, a swimming pool, a community room and 293 parking spaces. Ballantyne Corporate Center, an office campus totaling 4 million square feet of Class A space, is situated close to the property. Solis Ballantyne had an average rental rate of $1,352 as of November, Yardi Matrix data shows.

Bozzuto handled the leasing for both properties. In another recent deal, FCP sold Compass at City Center in Newport News, Va., for $46.7 million.

“Solis Waverly and Solis Ballantyne provided an excellent opportunity to partner with FCP on two of the Southeast’s most desirable sites,” CEO of TPCMP, Peter Pappas, said in a prepared statement. “Our team’s interest in developing best in class communities aligns well with FCP’s strategy of delivering superior results to their investors.”

Image courtesy of Yardi Matrix