Terwilliger Pappas Sells Southwest Charlotte Community for $44M
- May 05, 2020
Myers Apartment Group has paid $43.9 million to acquire Solis Keltonwood at Berewick in Charlotte, N.C., from Terwilliger Pappas, Yardi Matrix shows. The 230-unit community came online earlier this year. Nationwide Life Insurance Co. originated a $26.4 million acquisition loan, which matures in 2030.
Located at 5620 Keltonwood Road, the asset is less than a mile from Interstate 485, 8 miles from the Charlotte Douglas International Airport and roughly 15 miles southwest of the city’s downtown. The property’s five three- and four-story buildings have a mix of one-, two- and three-bedroom apartments ranging from 681 to 1,505 square feet. Common-area amenities at the gated community include a business center, private working stations, a pet park, a fire pit and a pool with a bar. Garages and storage units are also available for an additional charge.
In March, Terwilliger Pappas landed a $13.4 million financing package for Solis Chestnut Farm. Once completed, the Class A project will comprise 256 units on a 31-acre site.