Trei Real Estate (“Trei”), an internationally active developer and asset manager, just completed another two residential developments with local partners in the United States. The Atlantic Nowell Creek multi-family development in Charleston in the state of South Carolina provides 320 residential units with a combined living space of around 30,000 square meters. Construction work started in June 2023, the investment volume amounted to approximately 98 million euros. Another recent completion is the Apela House development in Jacksonville/Florida, which offers a total of 285 apartments with a total living space of around 24,800 square meters. Construction work started in March 2024, the investment volume approximated 54 million euros.
In a parallel move, construction for another two multi-family projects was launched. On Merritt Island in the state of Florida, Trei is developing 296 modern rental apartments with a combined living space of around 26,600 square meters. In Matthews, a suburb of Charlotte/North Carolina, 157 rental apartments are under construction for a specific target group (ages 55 and up). These will have a combined living space of 16,500 square meters. Both projects are scheduled to be completed by 2027. They have an investment volume of approximately 138 million euros.
“In the long term, the structural parameters in the southeastern U.S. favor the rental housing market. States like Florida and North Carolina offer high liveability, a fast-growing economy, and a strong housing demand. At the same time, homeownership remains elusive for many households because of persistently high real estate prices and mortgage rates. As a result, rental apartment demand remains high,” explained Pepijn Morshuis, the CEO of Trei Real Estate.
Atlantic Nowell Creek (Charleston/South Carolina)
The newly completed Atlantic Nowell Creek multi-family development is located roughly a 15-minute drive from downtown Charleston/South Carolina. It is part of the new Nowell Creek Village waterfront community. The development consists of eight buildings with a total of 320 rental apartments. Residents have access to a swimming pool, a gym, a club room, and a dog spa.
Apela House (Jacksonville/Florida)
Apela House, a recently completed development in the northern part of Jacksonville, is located close to the town center and has direct access to shopping venues and restaurants. The commute to and from the international airport takes a few minutes only. Jacksonville is Florida’s most populous city and home to several higher education institutions, its commercial focus being on banking, logistics and the maritime industry. The residential development’ highlights include a pool, an inner courtyard, a dog spa, co-working spaces, a gym, a yoga studio as well as a Zen garden.
Fortenberry (Merritt Island/Florida)
Trei just kicked off its third multi-family development in the State of Florida on Merritt Island, which is located about 80 kilometers east of Orlando along the Space Coast and within easy driving distance of Cape Canaveral. Its 296 apartments, spread across five buildings of four stories each, are characterized by excellent specification, generous floor plans and balconies. It is moreover planned to install a swimming pool, a clubhouse, and a state-of-the-art gym.
Connery Midfield Station (Matthews/North Carolina)
In Matthews, a family-friendly suburb of Charlotte, Trei is developing a multi-family project that will deliver 157 large-sized rental apartments that are exclusively intended for the target group of adults aged 55 and over. Amenities include a gym and yoga studio, a club room that will host various activities on a weekly basis, a swimming pool with barbecue area and a community garden.
“Demand for active adult accommodations is growing in sync with the ongoing demographic change in the United States. More and more people aged 55 and up are looking for comfortable rental apartments that benefit from communal amenities and services within a conveniently accessible environment. With our residential project in Matthews, we are responding specifically to this trend as we create a modern residential environment catering to this demographic,” added Morshuis.