Tricon Capital inks $2 bln JV to acquire single-family rental homes

Tricon Capital Group has entered into a joint venture agreement to create a portfolio of single-family rental homes to be acquired and managed by its U.S. affiliate Tricon American Homes (TAH). The initiative will be capitalized with equity of $750 million, enabling buys of about 10,000 to 12,000 rental homes with an expected value of about $2 billion. Tricon, a Canadian real estate private equity firm, said it is partnering with a sovereign wealth fund and U.S. state pension plan. Acquisitions by TAH, which will be mostly located in the U.S. Sun Belt, are expected to grow its residential properties to as much as 30,000 over the next three years.

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