Tricon is a landlord and developer of single-family rental homes in the United States and Canada with a portfolio of over 38,000 rentals.
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The investment management company Blackstone made another big bet on rental housing on Friday with the announcement that it has agreed to take the Canadian real estate firm Tricon Residential private in a $3.5 billion deal.
Tricon operates as both a landlord and developer of single-family rental homes in the United States and Canada with a portfolio of approximately 38,000 single-family rental homes in the United States Sun Belt and multifamily apartment buildings in the Toronto area.
“Tricon provides access to high-quality housing, and we are fully committed to delivering an exceptional resident experience together,” said Nadeem Meghji, global co-head of Blackstone Real Estate. “We are excited that our capital will propel Tricon’s efforts to add much-needed housing supply across the U.S. and in Toronto, Canada.”
In the United States, Tricon owns single-family rentals in Atlanta, Charlotte, Dallas, Tampa and Phoenix. Its single-family rental development platform has approximately 2,500 houses currently under development. It also has land development projects that it projects can support nearly 21,000 single-family homes and a Canadian multifamily development platform that is currently building 5,500 market-rate and affordable multifamily apartment buildings.
Under its new ownership, the company plans to complete its $1 billion pipeline of development plans for new single-family homes, and enhance the quality of its existing single-family home portfolio through an additional $1 billion investment over the next several years, according to…