Tricon Residential Explained

Tricon Residential
Former Name:Tricon Capital
Industry:Real Estate
Predecessors:-->
Founders:Geoffrey Matus
David Berman
Successors:-->
Hq Location City:Toronto, Ontario
Hq Location Country:Canada
Areas Served:-->
Key People:Gary Berman, CEO
Profit:-->
Profit Year:-->
Aum:$8.2 billion
Owners:-->
Num Employees:1,000+

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]

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.

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.[46] [47] [48]

Notes and References

  1. Web site: Tricon Capital gets shareholder approval for name change. 2021-05-21. S&P Global. en-us.
  2. Web site: Tricon Residential Inc. Bloomberg.
  3. Web site: Webner. Richard. 2021-05-12. Big-dollar investors squeeze into San Antonio's tight housing market. 2021-09-16. San Antonio Express-News. en-US.
  4. News: Dezember. Ryan. 2021-07-20. Big Landlord Launches $5 Billion House Hunt. en-US. Wall Street Journal. 2021-09-16. 0099-9660.
  5. Web site: Canadian landlord Tricon Capital says U.S. rental market just heating up amid 'insatiable' demand. 2021-09-16. financialpost. en-CA.
  6. Web site: GFC Financial To Acquire TriCon Capital from Bell Atlantic. 2021-09-16. AP NEWS. en.
  7. Web site: Check out Tricon Residential's stock price (TCN-CA) in real time. 2021-05-21. CNBC. en.
  8. Web site: U.S. housing rebound boosts builder stocks, Toronto's Tricon Capital. 2021-09-16. financialpost. en-CA.
  9. Web site: 2021-02-25. Tricon sells 80% stake in $1.33B US multifamily portfolio. 2021-05-21. RENX - Real Estate News Exchange. en-US.
  10. Web site: Wall Street Bets On Single-Family Rentals Seeking Alpha. 2021-09-11. Seeking Alpha. en.
  11. Web site: 2021-08-12. JLL Buys $560M Stake in Single-Family Rental Portfolio. 2021-09-11. The Real Deal New York. en-US.
  12. Web site: 2021-08-17. Single-Family Rents in U.S. Accelerate to 7.5% in June. 2021-09-11. Commercial Observer. en-US.
  13. News: Condo developer plans to buy $1-billion worth of single-family houses in Canada for rentals. Rachelle . Younglai. June 13, 2021. The Globe and Mail. Toronto. 2021-09-11.
  14. News: TCN.CA Tricon Residential Inc. Company Profile & Executives - WSJ. Wall Street Journal. 2021-05-21.
  15. Web site: GmbH. finanzen net. Tricon Capital Group Enters into Agreement to Sell its Tricon Lifestyle Communities Portfolio. 2021-05-21. markets.businessinsider.com. en.
  16. Web site: Canadian real estate company Tricon Residential files for a $350 million US IPO. 2021-10-06. Renaissance Capital. en.
  17. Tricon Capital Group Inc. Completes Initial Public Offering. 2021-05-21. Goodmans.
  18. Toronto Stock Exchange. Tricon Capital Group Inc. Opens the Market. June 23, 2015. 2021-06-11. www.newswire.ca. en.
  19. Web site: Tricon American Homes LLC - Company Profile and News. 2021-10-06. Bloomberg.com. en.
  20. Web site: 2018-05-16. Toronto-based landlord Tricon snaps up U.S. house listings as rental market booms. 2021-05-21. thestar.com. en.
  21. Web site: 2017-02-28. Massive single-family rental merger: Tricon Capital to acquire Silver Bay Realty Trust for $1.4 billion. 2021-05-21. HousingWire. en-US.
  22. Web site: TRICON CAPITAL GROUP TO ACQUIRE SILVER BAY REALTY TRUST. 2021-10-06. www.builderonline.com.
  23. Web site: 2019-04-03. Tricon to acquire U.S. multifamily portfolio for $1.4b News. 2021-10-06. Institutional Real Estate, Inc..
  24. Web site: 2018-06-28. Tricon forms $2b single-family rental homes JV News. 2021-10-06. Institutional Real Estate, Inc..
  25. Web site: Mazza. Sandy. December 19, 2019. Canadian firm buys up 850 Nashville homes that multi-billion dollar firm plans to rent. Nashville Tennessean.
  26. Web site: Williams. William. Toronto entity continues area buying spree. 2021-06-11. Nashville Post. en.
  27. Web site: 2019-09-17. Tricon forms $450m JV with Arizona State Retirement System News. 2021-10-06. Institutional Real Estate, Inc..
  28. Web site: Kirsch. Noah. Meet The Canadian Scion Who Just Scored $300 Million From Blackstone. 2021-05-21. Forbes. en.
  29. News: 27 August 2020. Blackstone Gets Back Into Rental Houses With Tricon Deal. Bloomberg.com. 2021-06-11.
  30. Web site: Tricon to receive US$300M investment from Blackstone Real Estate-led syndicate. 2021-06-11. www.spglobal.com. en-us.
  31. Web site: Borl. Kelsi Maree. February 26, 2021. Tricon Residential Recapitalizes a $1.3B US Portfolio. 2021-05-21. GlobeSt. en.
  32. Web site: 2021-02-25. Tricon Residential Agrees to Sell US Apartment Stake. 2021-06-11. CoStar.
  33. News: CPPIB partners with developer Tricon for two Toronto apartment buildings. 2021-05-21.
  34. Web site: 2021-03-23. Tricon, CPP to invest $500M building GTA multifamily. 2021-05-21. RENX - Real Estate News Exchange. en-US.
  35. Web site: 2021-03-23. Tricon and CPPIB create joint venture. 2021-05-21. Toronto.com. en-CA.
  36. Web site: 2021-03-23. Tricon and CPPIB create joint venture to build rental housing in Toronto. 2021-09-17. Toronto. en.
  37. News: Clark . Patrick . Blackstone to Take Tricon Private in $3.5 Billion Housing Deal . 19 January 2024 . Bloomberg.com . 19 January 2024 . en.
  38. Web site: 2020-03-19. Tricon becomes $10.5B rental housing powerhouse. 2021-10-06. RENX - Real Estate News Exchange. en-US.
  39. Web site: 2015-11-19. The Selby: A blending of old and new - constructconnect.com. 2021-10-06. Daily Commercial News. en-US.
  40. Web site: The Selby UrbanToronto. 2021-10-06. urbantoronto.ca.
  41. Web site: The Selby Bringing Luxury Rentals to Bloor and Sherbourne UrbanToronto. 2021-10-06. urbantoronto.ca.
  42. Web site: 2020-09-14. MOD's Toronto multifamily strategy continues at 55C condos. 2021-10-06. RENX - Real Estate News Exchange. en-US.
  43. Web site: Bombales. James. 2020-03-30. Construction at The Taylor Apartments rises above ground at 57 Spadina. Livabl.
  44. Web site: New Rental Building 'The Taylor' Progressing Above Spadina UrbanToronto. 2021-10-06. urbantoronto.ca.
  45. Web site: 2021-06-17. Tricon buys downtown Toronto site, plans 2 apartment towers. 2021-10-06. RENX - Real Estate News Exchange. en-US.
  46. Web site: West Don Lands Affordable Housing. 2021-10-06. Urban Strategies. en.
  47. Web site: GmbH. finanzen net. Dream, Kilmer and Tricon Capital Group Announce a Partnership to Develop 1,500 Purpose-Built Rental Units in Toronto's West Don Lands Region as Part of the Provincial Government's Fair Housing Plan. 2021-10-06. markets.businessinsider.com. en.
  48. Web site: First Purpose-Built Indigenous Hub Breaks Ground in West Don Lands UrbanToronto. 2021-10-06. urbantoronto.ca.

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