By Bill Conroy | HousingWire
Toronto-based Tricon Residential Inc., which oversees a portfolio of more than 33,000 single-family rental homes in the United States and Canada, is once again teaming up with the Arizona State Retirement System (ASRS) to invest $500 million to build 2,500 single-family rentals in the U.S. Sun Belt.
This latest deal represents the second joint venture between Tricon and ASRS. In 2019, they teamed up to make a $450 million equity commitment to develop 2,000 new “build-for-rent” homes.
Tricon notes in announcing the latest joint venture with ASRC that it “has already invested $1 billion in developing new, high-quality rental housing and has a pipeline of over 7,000 new homes currently under development.”
“The United States has a housing crisis that cannot be ignored,” said Gary Berman, CEO and president of Tricon. “Americans are facing a shortage of nearly four million homes, and families are struggling to find and afford quality housing.
“We have decades of experience in residential real estate development across the country and are excited to partner with ASRS yet again to build a new supply of high-quality, professionally-managed rental housing in the communities where people want to live.”
