Trei Starts its Fourth Residential Development in the US
Trei Real Estate (“Trei”), an international developer and asset holder for residential and retail real estate, and its local development partner just kicked off the construction if its fourth multi-family housing development in the United States. The 343-unit project is called “LoSo Village” (for “Lower South End”) and is located just five kilometres south of downtown Charlotte, North Carolina. As with its other US developments, Trei is collaborating with a local joint-venture partner. Proffitt Dixon Partners, an investment and development company focusing on high-end multifamily communities in the south-eastern United States, has already acted as Trei’s development partner on prior projects in Charlotte and Nashville, Tennessee. Construction commencement is planned for October 2021, and completion is anticipated in 2023.
Pepijn Morshuis, CEO of Trei Real Estate, commented: “Our US business has gathered considerable momentum lately. Just weeks ago, we were able to announce the launch of our first development in Nashville, with the Charlotte project now closely trailing it, and yet another project to be announced shortly. Currently, we are investing a combined 320 million euros to develop five residential projects with a combined total of 1,400 residential units in the United States. Our focus in this context is on the south-eastern part of the country, especially the Carolinas, Tennessee and Georgia. Compared to the United States as a whole, these states continue to demonstrate strong demographic and economic growth.”
The LoSo Village project will be a five-story building served by an attached parking garage. In addition to 343 residential units, the projects includes a resident lounge, rooftop terrace, saltwater pool, fitness center, resident office space, and an expansive dog park. The site area is approximately 13,600 square metres while the leasable area totals approximately 24,500 square metres.
Chris Helsabeck, Trei’s US Managing Director, added: “The LoSo Village project is part of a neighborhood that is quickly becoming a vibrant, mixed-use environment and offers convenient access to the light rail and South End’s many retail and entertainment amenities. We are excited about this project and to be expanding our successful partnership with Proffitt Dixon.