Former Trammell Crow Residential CEO Ron Terwilliger and Peter Pappas Form Multifamily Partnership

Former Trammell Crow Residential CEO Ron Terwilliger and Peter Pappas Form Multifamily Partnership

CHARLOTTE, NC - Former Trammell Crow Residential CEO J. Ronald Terwilliger and Peter A. Pappas, CEO of Pappas Properties LLC, today announced they have formed Terwilliger Pappas Multifamily Partners to develop multifamily projects in the Southeast’s fastest-growing markets.

The partnership also announced that it has closed on financing and is under construction with Crabtree Village, a 292-unit apartment community adjacent to the Crabtree Valley Mall in Raleigh. The project targets those residents seeking a highly amenitized community within walking distance of restaurants and retail.

Terwilliger Pappas Multifamily Partners is also developing 239 luxury units at Sharon Square in Charlotte’s SouthPark area and is pursuing additional sites in Raleigh, Charlotte, Atlanta and Nashville.

In addition to Terwilliger and Pappas, Chairman and CEO of Terwilliger Pappas Multifamily Partners respectively, the management team includes Alan P. Dean, Chief Operating Officer, and Thomas R. Barker, Division Executive. Dean, who joined Pappas Properties in 2011 to lead its multifamily development business, and Barker are longtime former colleagues of Terwilliger at Trammell Crow Residential.

“We continue to see healthy interest in multifamily development and believe Terwilliger Pappas Multifamily Partners is uniquely positioned to take advantage of the attractive opportunities that exist today,” said Mr. Terwilliger, Chairman Emeritus of Trammell Crow Residential and a nationally renowned expert in multifamily development. “Led by Peter, Alan and Tom, our team has the experience, track record and expertise to develop exceptional multifamily projects in marquee locations across the Southeast.”

“I am excited about the opportunity to work with a partner of Ron Terwilliger’s caliber. He is a leader in the multifamily industry and his philanthropic efforts especially as they relate to housing have been tremendous,” said Mr. Pappas, who founded Pappas Properties in 1999 and has developed nationally acclaimed mixed-use projects including Phillips Place, Birkdale Village and Metropolitan in Charlotte. “With Ron’s leadership, Terwilliger Pappas Multifamily Partners will create multifamily communities that enhance the quality of residents’ lives, featuring distinctive designs and located on high-quality sites connected to employment centers, restaurants, retail and other amenities.”

Terwilliger Pappas Multifamily Partners is currently working to acquire additional sites in Charlotte and Raleigh, and has two sites under contract in Atlanta. The group has also begun to explore opportunities in the Nashville market.

Construction financing for the $40 million first phase of Crabtree Village is being provided by Wells Fargo and mezzanine financing is being provided by Lincoln Financial Group. The project architect is J. Davis Architects and is being constructed by Brasfield and Gorrie.

Terwilliger Pappas Multifamily Partners is a partnership formed by former Trammell Crow Residential CEO J. Ronald Terwilliger and Peter A. Pappas, founder and CEO of Pappas Properties LLC. Terwilliger Pappas is uniquely positioned to develop and acquire multifamily projects in targeted growth markets in the Southeast, including Atlanta, Charlotte, Nashville and Raleigh.

Source: Terwilliger Pappas Multifamily Partners / #Apartments #Multifamily

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