German firm acquires two development sites in Nashville
Trei Real Estate (Trei), a 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, Tenn., totaling 258,334 square feet, from the State of Tennessee.
The sites are located north of downtown Nashville in the Germantown neighborhood, one block from the Cumberland River.
“The detailed plans for the development of these sites are still being worked out and fine-tuned,” said Pepijn Morshuis, the CEO of Trei. “The acquisition represents an excellent multifamily development opportunity in a terrific neighborhood within Nashville, one of our primary U.S. 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 U.S. team, added, “We appreciate the unique am