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In a market weathering unprecedented change, companies involved in high-stakes real estate deals need a steady, trusted hand to guide them. They also need counsel who can help them find new solutions for tough new challenges. The Paul, Weiss Real Estate Department offers clients the best of both worlds. Our long history of executing every kind of deal touching real property and our business and legal savvy help the most complex real estate projects succeed in fluctuating economic conditions.
Tricon Residential Forms New $5 Billion Single-Family Home Joint Venture
- Client News
- July 19, 2021
Paul, Weiss advised Tricon Residential Inc. in the formation of a joint venture with Teacher Retirement System of Texas, Pacific Life Insurance Company and a leading global investor to acquire 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 $1.4 billion and will allow investors to increase their total commitment to $1.55 billion, including Tricon’s coinvestment of $450 million, representing approximately $5 billion of purchasing power, including associated leverage. Over a three-year investment period, the joint venture, SFR JV-2, is expected to acquire more than 18,000 single-family rental homes primarily from resale channels, complementing Tricon’s other investment vehicles targeting new single-family rental homes.