Trei Real Estate GmbH (“Trei”), an international developer and property company from Germany for residential and retail real estate, has decided to enter the US housing market. As their first investment, Trei is developing a multi-family property in North Carolina. The development is located in Matthews, a southern suburb of the city of Charlotte. It will deliver 359 rental apartments on a plot of around 60,700 sqm. The planned apartments will have 1 to 3 bedrooms, adding up to a total leasable area of 32,670 sqm. The total development cost is €58.3 million. Construction started in December 2018, and completion is scheduled for early 2020.
Pepijn Morshuis, CEO of Trei Real Estate, commented: “Entering the US residential property market represents a natural expansion of our residential property strategy. Several residential developments of ours are already in planning or under construction in Germany, Poland and the Czech Republic. In the US, we will concentrate on the states of North Carolina, South Carolina, Georgia and Tennessee, given the robust economic and demographic trends in these states.”
The local partner on the Matthews project is a local investment and development company with focus on high-quality multifamily properties in the south-eastern United States. Morshuis continues: “We are pleased to have found an excellent joint venture partner who boasts an excellent reputation and a wealth of experience as well as access to great multi-family development opportunities.”
The development in Matthews is designed as a so-called “garden style” community. It includes six stand-alone buildings of four floors set among extensive landscaping. In addition to a gym and coworking spaces, the project amenities will also include a private pool, a dog care service and fenced dog run and charging stations for electric vehicles.
Matthews is part of the Charlotte-Concord-Gastonia metro region and roughly 15 minutes away from Charlotte’s downtown by car. The city is considered one of the main commercial centres in the South-Eastern United States, being home amongst others to the headquarters of the largest US bank, Bank of America. The metro region (metropolitan statistical area, MSA) has a population of around 2.5 million. According to the US Census of 2017, it is growing at a rate of two percent per year, which is twice as fast the US average.