PRIVATE EQUITY OWNED
Tricon Residential
Includes Tricon
single-family rental · Toronto, Canada
- PE Firm
- Blackstone →
- Year Acquired
- 2024
Blackstone spent $3.5 billion to become your landlord, adding 38,000 single-family rental homes to its U.S. housing portfolio.
What They Did
- Blackstone took Tricon Residential private for $3.5 billion in May 2024, adding roughly 38,000 single-family rental homes to its portfolio
- Tricon's rentals are concentrated in Sun Belt metros, Atlanta, Charlotte, Dallas, Phoenix and Tampa, where institutional buyers compete directly with first-time homebuyers
- Blackstone built Invitation Homes into the country's largest single-family landlord after the 2008 crash, cashed out entirely in 2019, and the Tricon deal is its $3.5 billion way back into the business
- Housing advocates criticized the deal as accelerating the affordable housing crisis by converting potential homeownership into permanent rentals
Since the Acquisition
- For families renting Tricon homes, a Wall Street giant replacing a smaller landlord raises fears of automated rent increases and less responsive management
- Tricon homes are concentrated in Phoenix, Atlanta, Dallas and Charlotte, Sun Belt metros where housing affordability is already stretched thin
- Every home Blackstone keeps as a rental is one fewer home a family can buy — in markets where first-time buyers are already being priced out
Sources
- Tricon Receives Approval for Take Private by Blackstone — Tricon Residential(2024-04-25)
- Blackstone Real Estate to Take Tricon Residential Private — Blackstone(2024-01-19)
- Blackstone doubles down on the U.S. housing market with acquisition of Tricon and its nearly 40,000 homes — ResiClub(2024-01-19)
- Finalization of Blackstone acquisition of Tricon Residential stands to worsen affordable housing crisis — Private Equity Stakeholder Project(2024-05-01)