Tricon Residential

Last updated
Tricon Residential
FormerlyTricon Capital
TSX: TCN NYSE: TCN
Industry Real Estate
FoundedJune 3, 1988;36 years ago (1988-06-03)
FoundersGeoffrey Matus
David Berman
Headquarters
Toronto, Ontario
,
Canada
Key people
Gary Berman, CEO
AUM $8.2 billion
Number of employees
1,000+
Website triconresidential.com

Tricon Residential (formerly Tricon Capital [1] ) is a Canadian real estate company. [2] [3] [4] [5] [6] The company invests in single-family rental and multi-family rental homes, and owns about 31,000 properties across the United States and Canada. [7] [8] As of February 2021, the company had about $8.2 billion of assets under management. [9] [10] [11] [12] [13]

Contents

History

Tricon was founded by Geoffrey Matus and David Berman on June 3, 1988. [14] [15] [16] The company went public in 2010 and was listed on the Toronto Stock Exchange. [17] [18]

Tricon entered the U.S. single-family rental business in 2012 with Tricon American Homes, a wholly owned subsidiary of the company. [19]

In 2017, Tricon bought the American real estate investment trust Silver Bay Realty for $1.4 billion. becoming the fourth largest publicly owned single-family rental company in the United States. [20] [21] [22] [23]

In 2018, Tricon formed a $2 billion single-family rental joint venture to acquire 10,000 homes in the U.S Sun Belt. [24]

In 2019, the company acquired 708 housing units in Nashville, Tennessee for about $210 million. [25] [26] Later during the same year, Tricon formed a $450 million joint venture with Arizona State Retirement System to pursue build-to-rent communities. [27]

In August 2020, Blackstone Group made a $300 million investment in Tricon. [28] [29] [30]

In 2021, Tricon sold a majority stake of its 7300 apartment portfolio in the United States for $425 million in a bid to reduce its overall debt. [9] [31] [32] In March, Tricon and the Canada Pension Plan Investment Board (CPP) announced a joint venture to build 3000 rental apartments in Toronto. [33] [34] [35] [36]

Blackstone Inc. entered into a deal to acquire Tricon for $3.5 billion in January 2024. [37] The deal closed in May 2024.

Properties

Single-family rental

Tricon owns and operates portfolios of single-family rental homes in the U.S. Sun Belt area, with over 35,000 homes in 23 markets across ten states. [28]

Multi-family rental

In the U.S., Tricon owns a portfolio of 23 multi-family residential properties totaling 7,289 suites in 13 major markets primarily in the Sun Belt region. In Canada, Tricon is an active multi-family rental developer in the Greater Toronto Area. As of March 2020, the company has approximately 3,600 rental units in seven high-rise projects which are at various stages of development in Toronto. [38]

In 2015, the company started development on a multi-family residential rental building in downtown Toronto. [39] The 50-storey building named "The Selby", with 441 housing units was completed in 2019. [40] [41] [42]

Tricon is currently developing "The Taylor", a 36-storey, 286 apartment units building with retail and commercial space in Spadina Avenue, Toronto. The project is expected to be completed in early 2022. [43] [44] [45] The company also plans to develop 2,500 rental units on approximately 12 acres of land which it owns in the West Don Lands, Toronto area. [38] [46] [47] [48]

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References

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  3. ↑ Webner, Richard (2021-05-12). "Big-dollar investors squeeze into San Antonio's tight housing market". San Antonio Express-News. Retrieved 2021-09-16.
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  48. ↑ "First Purpose-Built Indigenous Hub Breaks Ground in West Don Lands | UrbanToronto". urbantoronto.ca. Retrieved 2021-10-06.
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