TERWILLIGER PAPPAS

What TERWILLIGER PAPPAS does

Terwilliger Pappas is a privately held multifamily real estate development company founded in February 2013 by J. Ronald Terwilliger (former CEO of Trammell Crow Residential) and Peter A. Pappas. The firm is headquartered in Charlotte, NC, with regional offices in Atlanta, Raleigh, and Nashville, and develops institutional-quality Class-A apartment communities under the Solis brand across six major Southeast US markets: Charlotte, Atlanta, Raleigh-Durham, Nashville, Charleston, and Durham. The company also operates a student housing brand, SOVA, with communities such as The Indy near Kennesaw State University.

The company's core product is the Solis portfolio of Class-A multifamily apartment communities, which range in size from roughly 180 to 375 units, with resort-style amenities, ground-floor retail in many cases, and LEED certifications on select developments. As of the most recent reporting, Terwilliger Pappas has completed 38 projects with 43 construction starts since inception, deploying approximately $2.88 billion in total capital across nearly 40 Solis properties. Notable projects include Solis Interlock (349 units in Atlanta's West Midtown, part of a $450M mixed-use development) and Solis Waverly (375 units, the company's largest community).

Terwilliger Pappas generates revenue through development fees, property sales to institutional investors, and ongoing asset management of completed communities. Its customer base consists of institutional investors and REITs (J.P. Morgan Asset Management, AvalonBay Communities, Welltower, Independence Realty Trust, Preferred Apartment Communities, FCP Capital Partners, SJ Collins Enterprises, Connolly, Norhaven Partners) that provide capital and acquire stabilized assets. The company also engages in joint ventures and public-private partnerships, exemplified by the 2025 Midland Greenway and TAD project with the City of Gainesville, GA.

Name

TERWILLIGER PAPPAS

Legal name

Terwilliger Pappas Multifamily Partners

Website

https://terwilligerpappas.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Terwilliger Pappas is a privately held Class-A multifamily developer founded in 2013, operating across six Southeast US markets under the Solis brand, with 38 completed projects and $2.88 billion in total capital deployed for institutional investors and REIT partners.

Ownership category

akta.pro rank

Product category

Multifamily Real Estate Development

NAICS

Real Estate Property Managers (53131)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Transitional/Development Land Brokerage (Entitled, In-Path-of-Growth) (BPAJADAJ)

Keywords

• Multifamily real estate development
• Class-A apartment communities
• Student housing development
• Institutional real estate investment
• Mixed-use property development

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Real Estate Development: Terwilliger Pappas develops Class-A multifamily apartment communities under the Solis brand. They generate revenue through development fees, property sales to investors, and ongoing asset management of their communities. The company completes communities and sells them to institutional investors while sometimes retaining asset management relationships.
2. Property Sales: Completed apartment communities are sold to institutional investors. Recent sales include Solis City Park sold for $66.5 million and Solis Interlock sold in the largest transaction in company history as part of the $450M Interlock mixed-use project.
3. Asset Management: Following property sales, Terwilliger Pappas sometimes retains asset management responsibilities for ongoing operations of sold communities.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Terwilliger Pappas is a multifamily real estate developer that plans, entitles, designs, and constructs institutional-quality Class-A apartment communities and student housing properties under the Solis and SOVA brands across the Southeastern United States. The firm partners with institutional investors and capital partners through joint ventures, sells completed communities to investors such as REITs and asset managers, and selectively retains asset management responsibilities post-sale.

Product overview

Terwilliger Pappas is a multifamily real estate development company specializing in Class-A apartment communities throughout the Southeast United States. The company's primary product offering consists of two main brands: Solis, their flagship multifamily apartment community brand featuring upscale residential properties with resort-style amenities, and SOVA, a purpose-built student housing brand targeting university populations. The Solis portfolio includes over 40 completed and under-construction communities across Atlanta, Charlotte, Raleigh-Durham, Nashville, and Charleston markets, ranging from conventional apartment communities to mixed-use developments with ground-floor retail. Communities are developed with institutional-quality construction and typically feature amenities such as pools, fitness centers, coworking spaces, and pet facilities. The company operates through regional offices in Charlotte, NC (headquarters), Atlanta, GA, Raleigh, NC, and Nashville, TN, with operations spanning six major southeastern markets.

Differentiator

Problem solved

Functional benefit

Brands

• Solis: Primary brand for Class-A apartment communities featuring upscale finishes and resort-style amenities across the Southeast US market.
• SOVA

Products and services

• Solis Apartment Communities
• SOVA Student Housing
• Solis Peachtree Corners
• Solis North Creek 303-unit apartment community under construction in Huntersville, NC, part of the North Creek multi-use project anchored by Publix, with single family homes, townhomes, and 100K SF of retail.
• Solis Hapeville 305-unit apartment community under construction in Hapeville, GA, featuring approximately 8,000 SF of sidewalk-facing retail in Downtown Hapeville near Hartsfield Jackson Airport.
• Solis Sandy Springs 341-unit apartment community under construction in Sandy Springs, GA, strategically located near eight Fortune 500 HQs and within walking distance of thousands of well-paying jobs.
• Asset Management Services Post-sale asset management services for sold multifamily communities, retaining operational oversight responsibilities for institutional investor partners.

Quantifiable outcome

• 43 construction starts since 2013, 38 projects completed
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor and core.

• Norhaven PartnersminorStrategic or Co-development Partner · 23 September 2025Co-developer with Terwilliger Pappas on the Midland Greenway and TAD project in Gainesville, GA. Project enabled $175M+ in adjacent private development.
• WelltowercoreStrategic or Co-development Partner · 20 February 2020Welltower launched welltowerLIVING, a wellness-focused housing concept, in partnership with Terwilliger Pappas. Welltower is an REIT focused on health care infrastructure.
• SJ Collins EnterprisescoreStrategic or Co-development PartnerPartnered with SJ Collins Enterprises to develop Solis Decatur as part of the North Decatur Square mixed-use development featuring 89,000 SF of retail including 365 by Whole Foods.
• ConnollycoreStrategic or Co-development PartnerPartnership with Connolly and its affiliate Spruce Street Partners for Parkview on Peachtree mixed-use development in Chamblee, GA. Terwilliger Pappas developing 303 multifamily units in Phase I.
• Fortune Johnson and Summit Contracting GroupminorImplementation/ SI/ Consulting PartnerGeneral contractors for Midland Greenway project in Gainesville.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Wood Partners: National multifamily developer focused on Class-A apartment communities across high-growth Sun Belt and other markets. Closely comparable to Terwilliger Pappas in product (Class-A market-rate), geographic focus (Southeast/Sun Belt), and institutional capital deployment model.
• Greystar Real Estate Partners: Greystar is the largest multifamily developer, owner, and operator in the United States with deep Sun Belt presence. Highly comparable to Terwilliger Pappas in Class-A apartment development scale, institutional investor relationships, and integrated development/management model.
• RangeWater Real Estate: Sun Belt-focused multifamily developer active in Atlanta, Charlotte, Raleigh, Nashville, and other Southeast markets with a build-to-sell model. Highly comparable to Terwilliger Pappas in geographic concentration, Class-A product, and institutional capital partnerships.
• Crescent Communities: Charlotte-headquartered multifamily developer with established operations across the Carolinas and Southeast. Comparable to Terwilliger Pappas in geographic base, Class-A market-rate multifamily focus, and mixed-use development activity.
• The NRP Group: National multifamily developer, owner, and contractor with substantial Sun Belt footprint and affordable, market-rate, and student housing product lines. Compares to Terwilliger Pappas in multifamily development and direct construction oversight in similar geographies; relevant given NRP alumni on Terwilliger Pappas's team.
• Mill Creek Residential: National Class-A multifamily developer with significant Sun Belt activity and institutional capital relationships. Comparable to Terwilliger Pappas in development scale, Class-A product positioning, and build-then-sell business model.
• Crow Holdings (formerly Trammell Crow Residential): National real estate developer and investment firm with multifamily operations across the Sun Belt. Directly relevant because Terwilliger Pappas's Chairman J. Ronald Terwilliger was former CEO of Trammell Crow Residential, and several Terwilliger Pappas executives (Tom Barker, Alan Dean) joined from Trammell Crow Residential, sharing platform DNA.
• Lincoln Property Company Residential: Multifamily developer, owner, and manager with national Sun Belt presence and third-party management scale. Comparable to Terwilliger Pappas in Class-A development and Southeast activity, especially via CFO William MacNeil's prior tenure.

Broad incumbents

• AvalonBay Communities: Public apartment REIT (NYSE: AVB) with development arm and active Sun Belt expansion. AvalonBay is both a customer (partnered on Carmel Commons) and a comparable investor/developer in the same Class-A Southeast multifamily space.
• Toll Brothers Apartment Living: Apartment development arm of Toll Brothers (NYSE: TOL), a public homebuilder active in Class-A multifamily development in Sun Belt markets. Comparable in Class-A multifamily product and Sun Belt geographic exposure, but operates as a public-company subsidiary with broader portfolio and capital base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TERWILLIGER PAPPAS