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Tricon Residential

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Tricon Residential
FormerlyTricon Capital
TSX: TCN NYSE: TCN
IndustryReal Estate
FoundedJune 3, 1988; 36 years ago (1988-06-03)
FoundersGeoffrey Matus
David Berman
Headquarters
Toronto, Ontario
,
Canada
Key people
Gary Berman, CEO
AUM$8.2 billion
Number of employees
1,000+
Websitetriconresidential.com

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

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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

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Single-family rental

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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

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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

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