Tricon Residential (formerly Tricon Capital) is a Canadian real estate company. The company invests in single-family rental and multi-family rental homes, and owns about 31,000 properties across the United States and Canada. As of February 2021, the company had about $8.2 billion of assets under management.

History

Tricon was founded by Geoffrey Matus and David Berman on June 3, 1988. The company went public in 2010 and was listed on the

Toronto Stock Exchange The Toronto Stock Exchange (TSX; french: Bourse de Toronto) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in t ...

. Tricon entered the U.S. single-family rental business in 2012 with Tricon American Homes, a wholly owned subsidiary of the company. 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. In 2018, Tricon formed a $2 billion single-family rental joint venture to acquire 10,000 homes in the U.S Sun Belt. In 2019, the company acquired 708 housing units in

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for about $210 million. Later during the same year, Tricon formed a $450 million joint venture with Arizona State Retirement System to pursue build-to-rent communities. In August 2020,

Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...

made a $300 million investment in Tricon. 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. In March, Tricon and the Canada Pension Plan Investment Board(CPP) announced a joint venture to build 3000 rental apartments in

Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...

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 The Greater Toronto Area, commonly referred to as the GTA, includes the City of Toronto and the regional municipalities of Durham, Halton, Peel, and York. In total, the region contains 25 urban, suburban, and rural municipalities. The Greater T ...

. 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. In 2015, the company started development on a multi-family residential rental building in

downtown Toronto Downtown Toronto is the main central business district of Toronto, Ontario, Canada. Located entirely within the district of Old Toronto, it is approximately 16.6 square kilometres in area, bounded by Bloor Street to the northeast and Dupont Stre ...

. The 50-storey building named "The Selby", with 441 housing units was completed in 2019. 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. The company also plans to develop 2,500 rental units on approximately 12 acres of land which it owns in the

West Don Lands The West Don Lands are the site of a neighbourhood under construction in Toronto, Ontario, Canada. The area is bordered by the Don River, King Street, Parliament Street and the rail line adjacent to the Gardiner Expressway. It is in size. A f ...

, Toronto area.

References

External links

*{{Official website, https://triconresidential.com/ Real estate companies of Canada Companies based in Toronto