Trei Sells its First Residential Real Estate Project in the United States

Trei Real Estate (“Trei”), an international developer and owner of residential and retail real estate, and local development partner Proffitt Dixon Partners completed and sold Briley, a multifamily community in Charlotte, North Carolina, Trei’s first stateside development. The project, which commenced construction in January 2019, includes 359 rental apartments and a combined residential area of around 33,000 square metres.The property, which is approximately 85% leased, has been acquired by an institutional US investor for c. 103 million euros.

Pepijn Morshuis, the CEO of Trei Real Estate, said: “I’d very much like to thank our local partner, Proffitt Dixon, for the excellent collaboration. Completing and selling the first residential project in the United States is an important and major milestone for Trei. I’m very pleased that we were able to complete this development successfully despite the many obstacles created by the pandemic. The successful outcome is consistent with our strategy of investing with strong partners in high-quality residential real estate in the southeastern United States.”

In regard to Trei’s other activities, Morshuis had this to say: “Our activities in the United States have picked up steam this year: In addition to the project sold in Charlotte, we are in the process of developing four more multi-family projects. One of them, located in Charleston, SC, has been under construction since 2020, two kicked off construction this fall, in Nashville, Tennessee and Charlotte, North Carolina, and one will begin next year, in Cary, North Carolina. Taken together, Trei’s five projects add up to approximately 1,440 residential units and a total investment of approximately 320 million euros.”