Tricon Residential
Tricon Residential is a North American residential real estate company focused on single-family rental homes in the United States and purpose-built multifamily rental housing in Canada.
Last updated November 4, 2026
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Overview
Tricon Residential, commonly known as Tricon, is a residential real estate company founded in Toronto in 1988. It develops, owns, operates, and manages rental housing in the United States and Canada. The business evolved from Tricon Capital Group, an investment and housing company established by David Berman and Geoffrey Matus, into an operator with a major presence in institutional single-family rentals in the United States and purpose-built rental apartments in Canada. The company’s principal operating activities are organized around two businesses. Tricon Homes is the U.S. platform, focused primarily on single-family rental houses in high-growth Sun Belt markets. Its target residents have generally included middle-income households and workforce families seeking the space and privacy of a house without the financial commitment of purchasing one. Tricon Living is the Canadian platform, focused on purpose-built multifamily rental communities, particularly in the Greater Toronto Area. The Canadian portfolio includes large urban apartment developments, some of which incorporate heritage preservation, affordability components, and partnerships with pension funds or public-sector entities. Tricon became publicly traded in Canada after completing a Toronto Stock Exchange initial public offering in May 2010. From 2009 through 2012, it raised approximately $1 billion in equity to pursue housing opportunities in high-growth U.S. markets. The company entered U.S. single-family rentals through a subsidiary in 2012 and formally launched Tricon American Homes in 2014. Its expansion reflected a broader post-financial-crisis shift toward institutional ownership and professional management of single-family rental housing. Under Gary Berman, who joined the company in 2002 and became chief executive in 2015, Tricon expanded through acquisitions, joint ventures, development partnerships, and capital from institutional investors. A major turning point came in 2017, when Tricon acquired Silver Bay Realty Trust in a transaction valued at approximately $1.4 billion. The combination created one of the largest publicly owned single-family rental platforms in the United States at that time. Tricon subsequently formed additional ventures aimed at acquiring or developing thousands of homes in Sun Belt markets, including partnerships involving pension and insurance investors. The company also reshaped its capital structure and identity during the early 2020s. Blackstone invested $300 million in Tricon in 2020. In 2021, shareholders approved the change of the corporate name from Tricon Capital Group Inc. to Tricon Residential Inc., reflecting the company’s stronger emphasis on residential rental housing. That year, Tricon sold an 80 percent interest in its U.S. multifamily portfolio and shifted its U.S. multifamily strategy toward single-family rentals and development. It also announced a large joint venture with the Teacher Retirement System of Texas and Pacific Life to add approximately 18,000 single-family rental homes across the Sun Belt. In January 2024, Blackstone agreed to acquire Tricon for approximately $3.5 billion, and the transaction closed on May 1, 2024. Blackstone also committed additional capital for improvements to Tricon’s existing U.S. homes and for completion of the company’s development pipeline. Following the acquisition, Tricon continued operating as a residential housing platform, with Tricon Homes managing a large portfolio of U.S. single-family rental units and Tricon Living continuing its Canadian apartment development and operating activities. Tricon’s market positioning combines institutional real estate investment with operating services directed at residents. Its U.S. platform emphasizes professionally managed houses in suburban and metropolitan growth markets such as Atlanta, Charlotte, Dallas, Tampa, and Phoenix. Its resident-oriented initiatives have included financial literacy, credit-building support, rent-payment reporting, and potential assistance toward future home purchases. In Canada, the company’s purpose-built rental strategy is oriented toward long-term apartment ownership and urban housing supply in the Greater Toronto Area.
History
Tricon Residential began in Toronto in 1988 as Tricon Capital Group, founded by David Berman and Geoffrey Matus. The original business developed around real estate investment and housing development. David Berman’s son, Gary Berman, joined the company in 2002 and later became its chief executive, helping direct a transition toward residential rental housing and institutional partnerships. Between 2009 and 2012, Tricon raised approximately $1 billion in equity. The capital supported expansion into high-growth U.S. markets, particularly the Sun Belt, where migration and household growth were increasing demand for housing. In May 2010, Tricon completed an initial public offering on the Toronto Stock Exchange, raising approximately C$63 million. Its investment thesis emphasized the opportunity created by the post-financial-crisis contraction of housing construction and the emergence of institutional ownership in single-family rentals. Tricon entered the U.S. single-family rental market in April 2012 through a new subsidiary and formally launched Tricon American Homes in September 2014. The platform targeted middle-class and workforce households seeking rental houses rather than apartments. Tricon also expanded its development relationships, including an investment in the parent company of Houston-based Johnson Development Corp. in 2014. The firms had previously worked together on project-level housing ventures and later collaborated on for-sale and build-to-rent communities. Gary Berman became chief executive in 2015, while David Berman became executive chairman. During this period, Tricon considered additional residential formats, including upscale manufactured-home communities in parts of the southern and western United States. The company’s major U.S. expansion came in 2017, when it acquired Silver Bay Realty Trust in a transaction with an approximate total value of $1.4 billion. The combined operation had more than 16,800 single-family rental homes across 18 markets in 10 states and ranked among the largest publicly owned platforms in the sector. Tricon continued to grow through joint ventures. In 2018, it established a roughly $2 billion venture intended to add as many as 10,000 Sun Belt homes. In 2019, it formed a $450 million venture with the Arizona State Retirement System to develop build-to-rent communities. That year it also acquired 708 single-family homes in the suburbs of Nashville, Tennessee, from Invitation Homes. The early 2020s brought both new capital and strategic refocusing. In August 2020, Blackstone invested $300 million in Tricon. Tricon also sold an 80 percent interest in a U.S. multifamily portfolio of 23 apartment properties, using proceeds in part to repay debt and support a planned equity raise. In March 2021, it formed a partnership with the Canada Pension Plan Investment Board to develop up to 3,000 rental apartments in the Greater Toronto Area, backed by as much as C$500 million in committed capital. The corporate name changed from Tricon Capital Group Inc. to Tricon Residential Inc. in 2021, signaling the company’s focus on residential rental assets. At that point, Tricon held 23 multifamily properties totaling 7,289 suites, but the sale of most of that U.S. portfolio meant the company no longer pursued U.S. apartment investment in the same way. Its U.S. strategy centered increasingly on single-family rentals and build-to-rent development, while its Canadian business concentrated on purpose-built urban apartments. Tricon also announced a $5 billion joint venture with the Teacher Retirement System of Texas and Pacific Life to add approximately 18,000 single-family rental homes across the Sun Belt over a three-year period. In October 2023, activist investor Land & Buildings Investment Management disclosed a stake of approximately 6.2 million shares and argued that Tricon was materially undervalued. The investor criticized what it viewed as relatively high per-home investment and maintenance costs and argued that higher rents could materially increase earnings. Tricon resisted the proposed changes. Blackstone announced an agreement to acquire Tricon in January 2024 for approximately $3.5 billion. The buyer also pledged $1 billion for improvements to Tricon’s existing U.S. homes and committed to completing the company’s development pipeline, which was described as approximately $3.5 billion. The transaction closed on May 1, 2024, ending Tricon’s public-company status. Tricon continued operating as a Blackstone-owned residential platform, with Tricon Homes serving the U.S. single-family rental market and Tricon Living developing and operating Canadian purpose-built rental communities.
- 2024
Acquisition by Blackstone
[1]Blackstone completed its acquisition of Tricon on May 1, 2024, taking the company private.
- 2021
Rebranding as Tricon Residential
[1]The company changed its corporate name from Tricon Capital Group Inc. to Tricon Residential Inc.
- 2020
Blackstone minority investment
[1]Blackstone invested $300 million in Tricon as a minority equity investor.
- 2017
Silver Bay acquisition
[1]The acquisition of Silver Bay Realty Trust expanded Tricon’s U.S. rental-home portfolio to more than 16,800 homes across 18 markets in 10 states.
- 2012
Entry into U.S. single-family rentals
[1]Tricon entered the U.S. single-family rental sector through a newly formed subsidiary.
- 2010
Toronto Stock Exchange IPO
[1]Tricon completed an initial public offering on the Toronto Stock Exchange and raised approximately C$63 million.
- 1988
Company founded in Toronto
[1]David Berman and Geoffrey Matus founded Tricon Capital Group in Toronto, Ontario.
Products and positioning
Institutional residential housing owner, developer, and operator focused on professionally managed single-family rentals in the U.S. Sun Belt and purpose-built rental apartments in Canada.
Single-family rental housing · 2012
Tricon Homes
Tricon Homes is the company’s U.S. residential rental platform. It owns, develops, operates, and manages single-family rental houses, principally in Sun Belt markets including Atlanta, Charlotte, Dallas, Tampa, and Phoenix. The platform is designed for residents who want the space and features of a detached home with the convenience of professional property management. Its activities include acquisitions, build-to-rent development, resident services, maintenance, leasing, and portfolio operations.
Purpose-built multifamily rental housing
Tricon Living
Tricon Living is the Canadian multifamily housing platform, focused on developing and operating purpose-built rental apartments, especially in the Greater Toronto Area. Its projects have been developed with institutional, private-sector, and public-sector partners. The portfolio includes high-rise and urban communities such as The Selby and The Taylor, with a strategy centered on long-term rental supply rather than short-term residential sales.
Resident financial-wellness program
Tricon Vantage
Tricon Vantage is a resident program associated with Tricon Homes. It provides financial literacy, budgeting, and credit-improvement resources. Residents who remain in a Tricon Homes property for five years may become eligible for a $5,000 grant toward a down payment on a home in the United States.
Purpose-built rental apartment community · 2019
The Selby
The Selby is a 441-unit purpose-built rental building near Bloor Street in downtown Toronto. It opened in 2019 and incorporated heritage elements associated with the former Selby Hotel, combining new residential construction with retention of elements of the site’s earlier identity.
Purpose-built rental apartment community
The Taylor
The Taylor is a 286-unit rental apartment tower on Spadina Avenue in Toronto. It is part of Tricon Living’s urban purpose-built rental portfolio and reflects the company’s focus on professionally operated apartment communities in the Greater Toronto Area.
Purpose-built rental apartment community · 2026
Cherry House
Cherry House is an 855-unit rental development in Toronto’s Canary District. The project is part of a broader redevelopment delivered through a public-private partnership involving municipal, provincial, and federal participants. It includes affordable housing elements and amenities intended to support high-performance athletes, including Canadian Olympic and Paralympic participants.
Marketing campaigns
- Tricon Vantage
United States
Tricon Vantage supports residents through financial literacy, budgeting, and credit-improvement education, while offering a potential down-payment grant to qualifying long-term residents.
Outcome. The program is intended to help residents strengthen financial capability and pursue eventual homeownership.
Brand decisions
2024
Accept Blackstone acquisitionM&ABackground
Blackstone had previously invested in Tricon and later proposed buying the remaining public company.
Action taken
Blackstone agreed to acquire Tricon for approximately $3.5 billion, with additional commitments for property improvements and development completion.
Aftermath
The transaction closed on May 1, 2024, and Tricon became a privately held Blackstone-owned residential housing platform.
Acquisition value. $3.5 billion (2024)
2021
Refocus U.S. residential strategyStrategyBackground
Tricon was balancing its U.S. apartment assets with its growing single-family rental and development businesses.
Action taken
The company sold an 80 percent interest in a U.S. multifamily portfolio of 23 properties and concentrated its U.S. rental strategy more heavily on single-family homes.
Aftermath
Tricon no longer pursued U.S. multifamily apartment investment as a primary strategy, while continuing multifamily development in Canada.
2017
Acquire Silver Bay Realty TrustM&ABackground
Tricon sought to increase the scale and geographic reach of its U.S. single-family rental platform.
Action taken
Tricon acquired Silver Bay Realty Trust in a transaction valued at approximately $1.4 billion.
Aftermath
The combined portfolio exceeded 16,800 homes across 18 markets in 10 states and became one of the largest publicly owned U.S. single-family rental platforms.
Transaction value. $1.4 billion (2017)
2012
Enter the U.S. single-family rental marketStrategyBackground
Tricon identified an opportunity to acquire and professionally manage rental houses in U.S. growth markets after the financial crisis and housing-market downturn.
Action taken
The company created a U.S. subsidiary and subsequently launched Tricon American Homes.
Aftermath
Single-family rentals became a central component of Tricon’s U.S. operating strategy.
Recent events
Tricon reports first-quarter 2021 results[2]
Reported:
Tricon Residential reported consolidated financial results for the three months ended March 31, 2021, including net income from continuing operations of $41.9 million, compared with a loss of $46.5 million in the prior-year quarter.
Tricon venture acquires 708 Nashville homes[3]
Tricon Capital Group Inc.’s single-family rental joint venture, TAH-JV1, acquired a portfolio of 708 housing units in Nashville, Tennessee.
Sources3 sources
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