Tricon forms $450m JV with Arizona State Retirement System

Tricon Capital Group has entered into an agreement with the Arizona State Retirement System (ASRS) to form a joint venture partnership that will target investments in master-planned communities and the development of single-family "build-to-rent" communities in U.S. Sun Belt markets.

The total equity committed to this venture is $450 million, including $400 million from ASRS and $50 million from Tricon. Tricon currently has an attractive pipeline of potential investments, including two wholly owned master-planned communities, which it intends to offer as potential seed assets to this venture.

"We are thrilled to partner with ASRS in this joint venture, which represents a major commitment of capital towards our growth strategy," said Gary Berman, CEO and president of Tricon. "Through our partnership with ASRS, we aim to grow the master-planned communities business of our Johnson Cos. subsidiary and to fund the development of single-family 'build-to-rent' communities, a