Tricon Residential
Canadian real estate company
From Wikipedia, the free encyclopedia
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]
| Formerly | Tricon Capital |
|---|---|
| TSX: TCN NYSE: TCN | |
| Industry | Real Estate |
| Founded | June 3, 1988 |
| Founders | Geoffrey Matus David Berman |
| Headquarters | , Canada |
Key people | Gary Berman, CEO |
| AUM | $8.2 billion |
Number of employees | 1,000+ |
| Website | triconresidential |
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]