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Tricon Residential Forms New Single-Family Home Joint Venture
- Client News
- May 11, 2021
Practices
Paul, Weiss advised Tricon Residential Inc. in the formation of a new joint venture with Pacific Life Insurance Company and a leading global investor to acquire newly built single-family rental homes targeting the middle-market demographic in the U.S. Sun Belt. The joint venture will have an initial equity commitment of $300 million from each partner and include the ability for investors to increase the vehicle size to $450 million, representing $1.5 billion of purchasing potential when including associated leverage. This will enable the joint venture to acquire approximately 5,000 new single-family homes, primarily from national and regional homebuilders, including both scattered site homes and finished build-to-rent communities.
The Paul, Weiss team included real estate partner Salvatore Gogliormella and tax partner Scott Sontag.