Le mie ricette per la real estate communityTrei Real Estate GmbH, an international developer and asset manager for residential and retail real estate, and its local development partner Proffitt Dixon Partners (“PDP”), just completed another residential development in the United States. The “Queens Wedgewood-Houston” multi-family development in Nashville, Tennessee provides 220 residential units totaling 16,100 square meters of floor area. Construction started in August of 2021 and the investment volume was approximately 58 million euros. In a parallel development, the company kicked off construction of two new multi-family projects totaling 630 units in Nashville and Jacksonville, Florida. The two projects, which have a combined investment volume of approximately 172 million euros, are scheduled to be completed by 2026.
Pepijn Morshuis, the CEO of Trei Real Estate, commented: “The US rental apartments market continues to be of interest for us as developers. Americans have traditionally preferred detached homes as residence, but rising property prices are now driving up demand for rental apartments. Cities like Nashville and Jacksonville have a high standard of living, and yet remain affordable, relatively speaking. This explains why the Southeastern United States was the region with the highest transaction volume and the highest total rate of return in the multi-family home market nationwide, and so we continue to focus our US developments in this region.”
The Wedgewood-Houston district in Nashville is evolving into a popular residential quarter of the “Music City” in recent years, and is particularly sought among young people and creative media professionals. In-house amenities at “Queens Wedgewood-Houston” include a ground floor restaurant with a rooftop cocktail bar, a private residential clubroom and lounge, a saltwater pool, fitness center, roof terrace, and a rooftop performance/rehearsal studio. Downtown Nashville is only a short car ride away and just as easy to reach by bicycle. The occupancy rate is already at 72 percent.
Trei recently commenced construction on another Nashville project, again in partnership with PDP, which will deliver 345 apartments in the Germantown neighborhood. Trei also recently began construction on “Apela House,” a 285-unit multi-family project in Jacksonville, Florida, in partnership with local developer Chance Partners. Both projects will feature generous common facilities such as co-working spaces, fitness centers, swimming pools and pet spas.
Trei currently has approximately 2,200 residential units under development in the United States, specifically in the Carolinas, Florida and Tennessee. In each case, Trei is partnering with experienced local developers.
Image rights and Source : Trei Real Estate