Trei Real Estate, which entered the US market in late 2018, is developing its second residential project.
The German property group said it is investing €49m to develop the 224 rental apartments located in Mount Pleasant, a suburb of Charleston in the state of South Carolina.
The construction of the apartments, which will be in three buildings of four stories each, is scheduled for completion in early 2022.
Local partner on the ground is Middle Street Partners, an investment and property developer.
Pepijn Morshuis, CEO of Trei Real Estate, said: “Following our successful entry into residential real estate development in the US with our first project in Charlotte, NC in late 2018, we are consistently implementing our residential real estate strategy with a second project in Charleston now.
“Our strategy for the US is to sell some of the properties that we develop stateside, however, the location of our project in Charleston—given its proximity to the ocean—is so unique that we likely will keep it in our portfolio upon completion.”
Chris Helsabeck, managing director of Trei’s US team, said: “We are very pleased to be partnering with a local and experienced company like Middle Street Partners and we look forward to working together on other opportunities in the region.”