Pappas, Terwilliger form multifamily-residential team

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CHARLOTTE — A pair of pedigreed multifamily players are partnering to form a new, Charlotte-based entity that is already at work on a 292-unit apartment complex in Raleigh, premiering its aspirations to enter several fast-growing Southeastern U.S. markets.

Former Trammell Crow Residential CEO J. Ronald Terwilliger and Peter A. Pappas of Pappas Properties LLC this week announced the formation of Terwilliger Pappas Multifamily Partners. Terwilliger will be chairman of the company, Pappas the CEO.

The partnership also announced it has closed on financing for and is under construction on Crabtree Village, a 292-unit apartment community adjacent to Raleigh’s venerable and still healthy Crabtree Valley Mall. The project is targeting tenants who want plentiful amenities as well as a location that is within walking distance to restaurants and retail, the announcement said.

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

Terwilliger, who is Tramell Residential chairman emeritus, is bringing Alan P. Dean from Tramell aboard the new company to be COO, and Pappas promoted Pappas Properties’ Thomas R. Barker to be his new division director.

In addition to bringing to life Charlotte projects such as Phillips Place, Birkdale Village and the Metropolitan, Terwilliger is known for his housing-related philanthropic work with the Urban Land Institute and other nonprofits.