NORTH CAROLINA: Apartment Fever
Who needs primary markets? Carolina multifamily development is full steam ahead, according to Terwilliger Pappas Multifamily Partners CEO Peter Pappas, even after such a long stretch of sustained success. (It's hard to be this good for that long; just ask Derek Jeter.) “We're very positive on the apartment market,” Peter says. The Southeastern communities in which the company operates—Atlanta, Charlotte, Raleigh-Durham—continue to attract highly educated professionals, and this intellectual capital generates business growth and jobs. (It's a tough place to win at Trivial Pursuit.)
That intellectual capital wants walkable locations, and designs that are distinctive and fit within their surroundings, Peter says. This week Terwilliger Pappas broke ground on Solis Ninth Street, a mixed-use development with 229 apartment units and 10k SF of restaurant/retail space adjacent to Duke University's East Campus in Durham. (If the rendering is to be believed, you must wear black track suits to go there.) Residents will be able to walk to more than 80 dining, shopping, and entertainment venues, Peter says.