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]}

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]}

Properties

References

External links

• Official website