Tricon Residential
| Company type | Public (until 2024) |
|---|---|
| Industry | Real estate |
| Founded | June 3, 1988 in Toronto, Ontario, Canada |
| Founder | Geoffrey Matus, David Berman |
| Fate | Acquired by Blackstone Inc. in 2024 |
| Headquarters | Toronto , Canada |
Key people | Gary Berman (CEO) |
| Products | Single-family and multi-family rental properties |
Tricon Residential (previously known as Tricon Capital) is a Canadian firm specializing in real estate, with a focus on both single-family and multi-family rental properties. The company holds ownership of roughly 31,000 homes throughout Canada and the United States. Established in 1988 by Geoffrey Matus and David Berman, its headquarters are located in Toronto, Ontario, with Gary Berman acting as the chief executive officer.
By February 2021, Tricon Residential oversaw assets valued at approximately $8.2 billion. Its core business strategy centers on investments within residential rental sectors, leveraging the robust demand for rental housing across North America.
History
On June 3, 1988, Geoffrey Matus and David Berman founded Tricon. The company became publicly traded in 2010 when it was listed on the Toronto Stock Exchange.
Tricon expanded into the U.S. single-family rental market in 2012 through its fully owned subsidiary, Tricon American Homes.
In 2017, the acquisition of Silver Bay Realty, an American real estate investment trust, for $1.4 billion positioned Tricon as the fourth largest publicly traded single-family rental enterprise in the United States. The following year, it launched a $2 billion joint venture aimed at purchasing 10,000 homes within the U.S. Sun Belt region.
In 2019, Tricon acquired 708 residential units in Nashville for about $210 million and simultaneously formed a $450 million partnership with the Arizona State Retirement System to develop build-to-rent communities.
Blackstone Group invested $300 million into Tricon in August 2020. In 2021, to reduce its debt load, Tricon divested a majority interest in its U.S. apartment portfolio comprising 7,300 units for $425 million. That same March, it collaborated with the Canada Pension Plan Investment Board (CPP) to create 3,000 rental apartments in Toronto.
In January 2024, Blackstone Inc. agreed to purchase Tricon for $3.5 billion; this transaction was finalized by May 2024.
Single-family rental
Tricon manages more than 35,000 single-family rental residences spread across 23 markets within ten states of the U.S. Sun Belt.
Multi-family rental
Within the United States, Tricon’s holdings include 23 multi-family residential properties totaling 7,289 units across 13 key Sun Belt metropolitan areas. In Canada’s Greater Toronto Area, Tricon actively develops multi-family rentals with around 3,600 units distributed among seven high-rise projects at different stages of completion as of March 2020.
In 2019, the company completed "The Selby," a downtown Toronto rental tower standing 50 storeys tall with 441 units. Currently underway is "The Taylor," a mixed-use development on Spadina Avenue consisting of a 36-storey building with 286 rental suites alongside retail and commercial spaces, anticipated to be finished by early 2022. Furthermore, Tricon has plans to construct approximately 2,500 rental apartments on nearly 12 acres it owns within Toronto’s West Don Lands neighborhood.