Publications

Real Estate - MAY 11, 2021

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

Tricon forms $1.5b home builder direct JV

by Andrea Zander

Tricon Residential, an owner and operator of single-family rental homes and multifamily rental apartments in the United States and Canada, has formed a new joint venture with Pacific Life Insurance Co. and a leading global investor to acquire newly built single-family rental homes targeting the middle-market demographic in the United States Sun Belt.

The home builder direct joint venture will serve as a natural complement to Tricon's existing single-family rental joint venture (SFR JV-1) which is focused on the organic acquisition of resale homes.

The homebuilder direct joint venture will have an initial equity commitment of $300 million (one-third from each partner) and include the ability for investors to increase the vehicle size to $450 million, representing $1.5 billion of purchasing potential when including associated leverage. It will enable the joint venture to acquire approximately 5,000 new single-family homes, primarily from national and regional home builde

Forgot your username or password?

We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. By clicking on “I accept”, you consent to our Privacy Policy.