Tricon Capital Group Inc. plans to acquire as many as 600 additional rental homes in the U.S. Sunbelt states in the second quarter, seeking to double its assets under management to $10 billion by 2023, Bloomberg Markets reported.
In an interview with Bloomberg News, CEO Gary Berman said Tricon is looking to tap into what he called an "insatiable" demand for single-family rental homes in the U.S., which he viewed as an approximately $3 trillion market that remains primarily owned by individual investors. With 16 million American households renting single-family homes, the sector is "bigger than the entire Canadian housing market," the news outlet quoted the executive as saying.
Using proprietary software to scrape house listings in the Sunbelt states, the Canadian residential real estate company acquired roughly 400 homes during the first quarter, Bloomberg reported.
After acquiring homes spanning Arizona to Florida, Tricon is now the third-largest publicly listed single-family rental landlord in the U.S., after Blackstone Group LP-backed Invitation Homes Inc. and American Homes 4 Rent, according to the May 16 report.