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