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Tricon Residential

Tricon Residential, formerly Tricon Capital Group Inc.[1], is a Canadian rental housing company that owns, operates, and develops single-family rental homes in the United States and multi-family apartments in Canada. It is headquartered in Toronto, Ontario.[2][3][4][5][6] As of February 2021, the company had about $8.2 billion of assets under management.[7][8][9][10]

History

Tricon was founded by Geoffrey Matus and David Berman in 1988.[11] In 2010, it was listed on the Toronto Stock Exchange.

In 2012, Tricon entered the U.S. single-family rental business with Tricon American Homes, a wholly owned subsidiary of the company.[12]

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.[13][14]

In 2018, Tricon formed a $2 billion single-family rental joint venture to acquire 10,000 homes in the U.S Sun Belt.[15]

In 2019, Tricon acquired 708 housing units in Nashville, Tennessee for about $210 million.[16][17] Later during the same year, Tricon formed a $450 million joint venture with Arizona State Retirement System to pursue build-to-rent communities.[18]

In August 2020, Blackstone Group made a $300 million investment in Tricon.[19][20][21]

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.[7][22][23] In March, Tricon and the Canada Pension Plan Investment Board (CPP) announced a joint venture to build 3000 rental apartments in Toronto.[24][25][26][27]

In 2024, Blackstone Inc. entered into a deal to acquire Tricon for $3.5 billion.[28] 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.[19]

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.[29]

In 2015, Tricon started development on a multi-family residential rental building in downtown Toronto.[30] The 50-storey building named "The Selby", with 441 housing units was completed in 2019.[31][32][33]

Tricon has developed "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.[34][35][36]

External links

References

  1. Tricon Capital gets shareholder approval for name change S&P Global, retrieved 2021-05-21^
  2. Tricon Residential Inc Bloomberg^
  3. Ryan Dezember. Big Landlord Launches $5 Billion House Hunt Wall Street Journal, 2021-07-20, retrieved 2021-09-16^
  4. Canadian landlord Tricon Capital says U.S. rental market just heating up amid 'insatiable' demand financialpost, retrieved 2021-09-16^
  5. GFC Financial To Acquire TriCon Capital from Bell Atlantic AP NEWS, retrieved 2021-09-16^
  6. U.S. housing rebound boosts builder stocks, Toronto's Tricon Capital financialpost, retrieved 2021-09-16^
  7. Tricon sells 80% stake in $1.33B US multifamily portfolio RENX - Real Estate News Exchange, 2021-02-25, retrieved 2021-05-21^
  8. JLL Buys $560M Stake in Single-Family Rental Portfolio The Real Deal New York, 2021-08-12, retrieved 2021-09-11^
  9. Single-Family Rents in U.S. Accelerate to 7.5% in June Commercial Observer, 2021-08-17, retrieved 2021-09-11^
  10. Rachelle Younglai. Condo developer plans to buy $1-billion worth of single-family houses in Canada for rentals The Globe and Mail, June 13, 2021, retrieved 2021-09-11^
  11. finanzen net GmbH. Tricon Capital Group Enters into Agreement to Sell its Tricon Lifestyle Communities Portfolio markets.businessinsider.com, retrieved 2021-05-21^
  12. Tricon American Homes LLC - Company Profile and News Bloomberg.com, retrieved 2021-10-06^
  13. Toronto-based landlord Tricon snaps up U.S. house listings as rental market booms thestar.com, 2018-05-16, retrieved 2021-05-21^
  14. TRICON CAPITAL GROUP TO ACQUIRE SILVER BAY REALTY TRUST www.builderonline.com, retrieved 2021-10-06^
  15. Tricon forms $2b single-family rental homes JV Institutional Real Estate, Inc., 2018-06-28, retrieved 2021-10-06^
  16. Sandy Mazza. Canadian firm buys up 850 Nashville homes that multi-billion dollar firm plans to rent Nashville Tennessean, December 19, 2019^
  17. William Williams. Toronto entity continues area buying spree Nashville Post, retrieved 2021-06-11^
  18. Tricon forms $450m JV with Arizona State Retirement System Institutional Real Estate, Inc., 2019-09-17, retrieved 2021-10-06^
  19. Noah Kirsch. Meet The Canadian Scion Who Just Scored $300 Million From Blackstone Forbes, retrieved 2021-05-21^
  20. Blackstone Gets Back Into Rental Houses With Tricon Deal Bloomberg.com, 27 August 2020, retrieved 2021-06-11^
  21. Tricon to receive US$300M investment from Blackstone Real Estate-led syndicate www.spglobal.com, retrieved 2021-06-11^
  22. Kelsi Maree Borl. Tricon Residential Recapitalizes a $1.3B US Portfolio GlobeSt, February 26, 2021, retrieved 2021-05-21^
  23. Tricon Residential Agrees to Sell US Apartment Stake CoStar, 2021-02-25, retrieved 2021-06-11^
  24. CPPIB partners with developer Tricon for two Toronto apartment buildings retrieved 2021-05-21^
  25. Tricon, CPP to invest $500M building GTA multifamily RENX - Real Estate News Exchange, 2021-03-23, retrieved 2021-05-21^
  26. Tricon and CPPIB create joint venture Toronto.com, 2021-03-23, retrieved 2021-05-21^
  27. Tricon and CPPIB create joint venture to build rental housing in Toronto Toronto, 2021-03-23, retrieved 2021-09-17^
  28. Patrick Clark. Blackstone to Take Tricon Private in $3.5 Billion Housing Deal Bloomberg.com, 19 January 2024, retrieved 19 January 2024^
  29. Tricon becomes $10.5B rental housing powerhouse RENX - Real Estate News Exchange, 2020-03-19, retrieved 2021-10-06^
  30. The Selby: A blending of old and new - constructconnect.com Daily Commercial News, 2015-11-19, retrieved 2021-10-06^
  31. The Selby urbantoronto.ca, retrieved 2021-10-06^
  32. The Selby Bringing Luxury Rentals to Bloor and Sherbourne urbantoronto.ca, retrieved 2021-10-06^
  33. MOD's Toronto multifamily strategy continues at 55C condos RENX - Real Estate News Exchange, 2020-09-14, retrieved 2021-10-06^
  34. James Bombales. Construction at The Taylor Apartments rises above ground at 57 Spadina Livabl, 2020-03-30^
  35. New Rental Building 'The Taylor' Progressing Above Spadina urbantoronto.ca, retrieved 2021-10-06^
  36. Tricon buys downtown Toronto site, plans 2 apartment towers RENX - Real Estate News Exchange, 2021-06-17, retrieved 2021-10-06^