Hapeville Property Sold to North Carolina-Based Developer, By Libby Allnatt

Transaction gives 8.5 acres to Terwilliger Pappas Multifamily Partners.

Coro Realty Advisors, a real estate investment and management company, has announced the recent sale of the second half of its Hapeville Assemblage to Terwilliger Pappas Multifamily Partners for an undisclosed sum. 

The transaction, for which the price was not disclosed, includes 8.5 acres, comprising 18 lots assembled from 2020 to 2022, according to the announcement.

Coro Realty, in partnership with Miller Lowry Developments, acquired a 16-acre site consisting of about 60 parcels along Chestnut and Elm streets, close to downtown Hapeville, in 2020. The first half of this assemblage was sold to homebuilding company D.R. Horton in November 2022.

“Coro Realty’s investment strategy focused on acquiring a well-located site in an up-and-coming submarket, allowing us to either develop with strong joint venture partners or sell to development partners,” Coro Realty Advisors Managing Partner Robert Fransen said in a news release. “This move aligns with our commitment to reinvest equity into high-opportunity assets and diversify our investments, ensuring sustainable growth.”

The sale was arranged by Rich Arroll of Major & Arroll.

Terwilliger Pappas is a North Carolina-based developer of apartments in the Southeast, with 25 projects under their belt. The company has proposed a multifamily mid-rise development in the area called Solis Hapeville.

Hapeville is located south of downtown Atlanta, near Hartsfield-Jackson Atlanta International Airport. The area is experiencing a surge of residential and commercial development, including Signal, a 285-unit mid-rise apartment community developed by South City Partners; the new 100,000-square-foot Atlanta Postal Credit Union headquarters; and a 68-unit townhome community developed by North & Central Ventures and BCDC.