Trei Real Estate GmbH has found its third residential project in the U.S., working with its joint venture partner Proffitt Dixon Partners (PDP) on a 221-unit community in Nashville, Tenn.
The joint venture started construction on Queens at Wedgewood-Houston, representing Trei Real Estate’s first project in Tennessee. The $62 million (53 million euro) project is expected to be completed in 2023.
The approximately 173,000-square-foot (16,100-square-meter) community will have its units spread throughout three- and four-story buildings. Queens at Wedgewood-Houston will also be built with a rooftop music studio, saltwater pool, fitness center, dog park, roof terrace, restaurant space on the ground floor and private workspaces. The community is located in the city’s Wedgewood-Houston neighborhood giving residents a short commute to downtown Nashville.
BUILDING OUT A SOUTHEASTERN U.S. PORTFOLIO
Besides Queens at Wedgewood-Houston, Trei Real Estate is also working with PDP on two other projects in southeastern U.S. The Düsseldorf, Germany-based company first entered the U.S. market by partnering with PDP on Briley Apartments, a 359-unit project in Charlotte, N.C., in January 2019. The Charlotte community is nearing completion and currently in its lease-up process.
As a local developer, PDP has completed many projects in the Charlotte area. PDP completed a 230-unit community in the city’s Uptown neighborhood in 2016 as well as a 245-unit community in the Ballantyne neighborhood in 2019. In a neighboring state, PDP is also currently working on a 224-unit project in the Mount Pleasant suburb of Charleston, S.C. alongside Trei Real Estate, with an expected completion in 2022.
Pepijn Morshuis, CEO of Trei Real Estate, said in prepared remarks that the U.S. is an important market for the company’s residential real estate strategy, alongside its investments in Poland and Germany. Morshuis also said in his prepared statement that Trei Real Estate currently has a total of five residential projects worth $377 million (320 million euros) under development in the U.S.