Trei Real Estate and its local development partner in the US, Proffitt Dixon Partners, have acquired two adjacent development sites in Nashville, Tennessee for multifamily development.
The sites which total 24,000sqm were acquired from the State of Tennessee for an undisclosed amount.
The sites are located north of downtown Nashville in the Germantown neighbourhood, one block from the Cumberland River.
Pepijn Morshuis, the CEO of Trei, said the detailed plans for the development of these sites are still being worked out and fine-tuned.
Trei entered the US residential market in 2019. The latest deal is the second investment Trei has made in the state capital of Tennessee. Trei and Proffitt Dixon Partners are currently developing a €54m multifamily project in the Wedgewood-Houston district of Nashville.
Morshuis said the latest acquisition represents an excellent multifamily development opportunity in a terrific neighbourhood within Nashville, one of the firm’s primary US investment targets.
“Over time, the plan is to develop approximately 800 apartments in two phases, as well as some ground-floor retail, Morshuis said, adding that construction of the initial phase is expected to begin mid-2022,” Morshuis said.
Chris Helsabeck, managing director for Trei’s US team, said: “We appreciate the unique amenities these sites offer, with proximity to Germantown’s retail and restaurants, First Horizon Park, the river and greenways, and we look forward to continuing the planning process in cooperation with Metro Planning and the neighbourhood.”
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