Tricon Residential
Canadian real estate company From Wikipedia, the free encyclopedia
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]
| 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
Summarize
Perspective
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]
References
External links
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