Tricon Residential provided an update on its active build-to-rent community pipeline, which has expanded to over 3,000 rental units in 23 new-home communities across the Sun Belt region. The 23 communities are under development or under contract to be developed within Tricon’s existing single-family rental investment vehicles THPAS-JV1 and Homebuilder Direct JV, and are being built by national and regional builders.
The communities are located across 10 metropolitan statistical areas, including Dallas-Fort Worth; Houston; Austin, Texas; San Antonio; Sacramento, California; Inland Empire, California, Phoenix; Jacksonville, Florida; and Reno, Nevada. Tricon says it is on track to have over 600 new homes constructed and available for rent in the communities by the end of 2022, with the full pipeline expected to be delivered by the end of 2024.
“COVID-19 has cast light on the shortage of affordable housing options across the U.S.,” says Gary Berman, president and CEO of Tricon Residential. “At Tricon, we are committed to expanding the supply of accessible, high-quality housing for families who are seeking a single-family home and prefer the convenience and flexibility of a rental lifestyle.”
The homes will feature controlled access through Tricon’s smart home package, which includes smart locks, door sensors, thermostats, energy-efficient HVAC systems, leak detection systems, and Energy Star-certified appliances. The planned communities are targeting the middle market resident demographic and are located in high-growth Sun Belt states, aligning with Tricon’s broader single-family rental strategy, according to the company. The communities will consist predominantly of single-family detached homes with three to four bedrooms and two or more bathrooms, and have access to a range of resident-centric amenities, including community parks, pools, and recreational areas.
“We are also focused on building sustainable communities that enrich the lives of our residents and the local neighborhoods they live in, which is central to our corporate strategy and our environmental, social, and governance priorities,” says Berman. “Our build-to-rent pipeline makes a positive contribution to alleviating America’s housing shortage, while stimulating local economic growth and catering to the needs of modern residents.”
Tricon Residential is an owner and operator of a growing portfolio of approximately 35,000 single-family rental homes and multifamily rental apartments in the United States and Canada.
