A rendering of Tricon's Willow Creek Manors in Tomball, TX, one of the company's 23 planned build-to-rent communities. (CNW Group/Tricon Residential Inc.) Courtesy Tricon Residential

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.”

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