Saturday, 15 March 2025
Trei Real Estate has successfully sold its third multi-family development in the United States, marking another milestone in its expansion strategy. The “Queens Wedgewood-Houston” project in Nashville, Tennessee, was acquired by a U.S. investor. Developed in partnership with Proffitt Dixon Partners, the 220-unit rental complex was completed in May 2024 at a total investment cost of approximately €58 million.
Between May 2024 and January 2025, Trei completed four multi-family projects, including developments in Jacksonville, Charlotte, and Raleigh, in addition to the Nashville property. Collectively, these projects delivered 1,153 rental apartments. Meanwhile, construction began on the company’s latest project in Nashville, “Chamberlain House” (formerly “Germantown Stockyard”), which will provide 345 rental apartments upon completion in 2026. The total investment volume for these five developments amounts to approximately €406 million.
The sale of “Queens Wedgewood-Houston” reflects the strong demand for rental housing in Sunbelt states. “Selling this project allowed us to free up capital for new residential developments. The rental housing segment in the Sunbelt remains highly attractive for both developers and investors, as evidenced by this transaction, which achieved an internal rate of return of approximately 15%,” said Trei Real Estate CEO Pepijn Morshuis. He emphasized Nashville’s strategic importance to Trei’s U.S. portfolio, reaffirming the company’s commitment to continued investment in the region.
In addition to ongoing projects, Trei is actively acquiring land for new developments. Upcoming projects include a site on Merritt Island in Florida’s “Space Coast,” an area experiencing economic growth driven by the aerospace industry and the Port Canaveral facilities. Another land acquisition is planned in Charlotte, North Carolina, home to Trei’s U.S. headquarters.
Morshuis highlighted the company’s confidence in the southeastern U.S. multi-family market, citing strong population growth, sustained rental demand, and favorable investment conditions. “The region offers an ideal environment for long-term property development with attractive construction costs and reliable returns. Our expansion strategy aligns with these economic trends, ensuring steady growth in our residential portfolio,” he added.
