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New firm formed to build apartments around Southeast

Real estate developers Peter A. Pappas and J. Ronald Terwilliger have formed Terwilliger Pappas Multifamily Partners to build apartment communities in cities around the Southeast.

Terwilliger, former CEO of Trammell Crow Residential, and Pappas, head of Pappas Properties, said Thursday that they have closed on financing and are constructing a 292-unit apartment community adjacent to Raleigh’s Crabtree Valley Mall.

The partnership is also developing 239 luxury units at Sharon Square in the SouthPark area. Terwilliger Pappas is pursuing additional sites in Raleigh, Charlotte, Atlanta and Nashville.

The management team for the new partnership includes Alan P. Dean as chief operating officer and Thomas R. Barker as division executive. Both are former colleagues of Terwilliger at Trammell Crow Residential.

“We continue to see healthy interest in multifamily development,” Terwilliger said.

Frazier: 704-358-5145; @ericfraz on Twitter
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