Tricon Residential has teamed up with the Arizona State Retirement System for a $500 million joint venture for the single-family rental market with a goal to create 2,500 homes in the U.S. Sun Belt, according to Gary Berman, president and CEO, during an analysts’ call in early August to discuss Tricon’s second-quarter earnings report.
The partners closed its first successor joint venture together, which was formed in 2019. The $450 million venture also targeted single-family "build-to-rent" communities in U.S. Sun Belt markets.
The new $500 million joint venture includes $100 million or 20 percent co-investment from Tricon Residential, which it expects to fund gradually over a three-year investment period.
In addition, Tricon Resi
