Trei Real Estate (“Trei”), an international developer and owner of residential and retail real estate, together with local development partner Proffitt Dixon Partners, has acquired two adjacent development sites in Nashville, Tennessee totalling ca. 24,000 square metres, from the State of Tennessee. The sites are located north of downtown Nashville in the Germantown neighborhood, one block from the Cumberland River.
Pepijn Morshuis, the CEO of Trei, commented: “The detailed plans for the development of these sites are still being worked out and fine-tuned. The acquisition represents an excellent multifamily development opportunity in a terrific neighborhood within Nashville, one of our primary US investment targets. Over time, we may develop approximately 800 apartments in two phases, as well as some ground floor retail. We expect construction of the initial phase to commence mid-2022.”
Chris Helsabeck, Managing Director for Trei’s US team, added: “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 neighborhood. We are fortunate to be involved and are excited to be expanding our successful partnership with Proffitt Dixon.”
This is the second investment Trei has made in the state capital of Tennessee. Trei and Proffitt Dixon Partners currently are under construction on a multifamily project in the Wedgewood- Houston district of Nashville, totaling 220 units with an expected completion in 2023.