Wall Street-backed players boost build-to-rent market

By Bill Conroy
Housing Wire
August 31, 2022
Category: Finance & Economics
Region: United States

Toronto-based Tricon Residential, 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. “The United States has a housing crisis that cannot be ignored,” said Gary Berman, CEO. “Americans are facing a shortage of nearly four million homes, and families are struggling to find and afford quality housing. …The surge in build-for-rent single-family housing is coming at a time when there has been a sharp decline overall in single-family home construction according to NAHB.

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