Tricon Residential, an owner and operator of single-family rental homes, announced its latest endeavor to increase the United States’ housing supply. Through a second joint venture, Tricon and Arizona State Retirement System (ASRS) will invest an additional $500 million equity commitment, representing over $1 billion when including associated leverage, toward the development of new single-family homes and communities.
This will create an estimated 2,500 new homes for American families in the Sun Belt, on top of the previous 2,000 homes and nearly 3,500 home sites currently under development from the companies’ first partnership started three years ago, reports Tricon.
"The United States has a housing crisis that cannot be ignored,” says Gary Berman, CEO and president of Tricon. “Americans are facing a shortage of nearly 4 million homes, and families are struggling to find and afford quality housing. Tricon is proud to be a leading housing solution in this crisis. 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.”
The company's build-to-rent program is focused on developing well-designed single-family home rental communities in neighborhoods with good schools, low crime rates, and easy access to employment centers and retail conveniences. These communities include neighborhood amenities such as parks, playgrounds, pools, and community gathering spaces.
Tricon also offers services that help make residents’ financial futures brighter. Through its Tricon Vantage program, the company offers residents the opportunity to use rent payments to build their credit score as well as access to financial literacy workshops, one-on-one coaching, and guided group sessions tailored to residents’ individual financial goals.