TORONTO, Nov. 23, 2021 /CNW/ - Tricon Residential Inc.
(TSX: TCN) (NYSE: TCN) ("Tricon" or the "Company"), an owner
and operator of single-family rental homes and multi-family rental
apartments in the United States
and Canada, provided an update
today on its active build-to-rent community pipeline, which has now
expanded to over 3,000 rental units in 23 new home communities
across the U.S. Sun Belt. The 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 a number of national and regional
homebuilders including four of the top 25 largest homebuilders in
the United States.
Tricon has always been committed to increasing access to
high-quality housing options for American families and believes
this can be accomplished in part through the construction of new
purpose-built single-family rental communities, within close
proximity to excellent schools, parks, neighborhood retail centers,
and major job nodes. The planned communities are targeting the
middle market resident demographic and are located in high-growth
Sun Belt states, aligning with Tricon's broader single-family
rental strategy. The communities consist predominantly of
single-family detached homes with 3 - 4 bedrooms and two or more
bathrooms, and typically have access to a range of resident-centric
amenities including community parks, pools and recreational
areas.
"COVID-19 has cast light on the shortage of affordable housing
options across the U.S.," said 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. We are also focused on building sustainable
communities that enrich the lives of our residents and the local
neighborhoods they live in, which is central to our corporate
strategy and our Environmental, Social and Governance ("ESG")
priorities. Our build-to-rent pipeline makes a positive
contribution to alleviating America's housing shortage, while
stimulating local economic growth and catering to the needs of
modern residents."
The 23 communities are located across ten MSAs, including:
Texas (Dallas-Fort Worth, Houston, Austin, and San
Antonio); California
(Sacramento and Inland Empire);
Phoenix, Arizona; Jacksonville, Florida; and Reno, Nevada. Tricon is currently on track to
have over 600 new homes in these communities constructed and
available for rent by the end of 2022, with the full pipeline
expected to be delivered by the end of 2024. The homes will feature
convenient and controlled access through Tricon's smart home
package, which includes smart locks, door sensors, smart
thermostats, energy-efficient HVAC systems, leak detection systems,
as well as high-efficiency ENERGY STAR® certified
appliances. Using its technology-enabled operating platform, Tricon
aims to deliver an exceptional resident experience within these
rental communities, from leasing and maintenance to community
activities and ancillary services.
About Tricon Residential Inc.
Tricon Residential is an owner and operator of a growing
portfolio of approximately 35,000 single-family rental homes and
multi-family rental apartments in the
United States and Canada
with a primary focus on the U.S. Sun Belt. Our commitment to
enriching the lives of our residents and local communities
underpins Tricon's culture and business philosophy. We strive to
continuously improve the resident experience through our
technology-enabled operating platform and innovative approach to
rental housing. At Tricon Residential, we imagine a world where
housing unlocks life's potential. For more information visit
www.triconresidential.com.
Forward-Looking Information
Certain statements contained in this news release are
forward-looking statements and are provided for the purpose of
presenting information about management's current expectations and
plans relating to the future. Readers are cautioned that such
statements may not be appropriate for other purposes. In some
cases, forward-looking information can be identified by such terms
as "will", "would", "anticipate", "anticipated", "expect" and
"expected". The forward-looking statements in this news
release include statements regarding the intended development and
leasing of built-to-rent communities, the number of homes to be
developed, the timelines for their delivery, their features and
amenities and Tricon's operation of the homes once completed. These
statements are based on certain assumptions, including assumptions
regarding local market conditions and the impact of COVID-19 on the
Company's operations and business. Such statements are also subject
to significant known and unknown risks, uncertainties,
conditionality (including the completion of contracts which remain
subject to outstanding conditions, or the prospect of changes to
the Company's operating or building design plans) and other factors
that may cause actual results or events to differ materially from
those expressed or implied by such statements and, accordingly,
should not be read as guarantees of future performance or results
and will not necessarily be accurate indications of whether or not
such results will be achieved. Accordingly, although the Company
believes that its anticipated future results, performance or
achievements expressed or implied by the forward-looking statements
and information are based upon reasonable assumptions and
expectations, the reader should not place undue reliance on
forward-looking statements and information. The Company disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law.
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SOURCE Tricon Residential Inc.