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In a market experiencing unprecedented change, parties involved in high-stakes real estate deals need a steady, trusted hand to guide them. The Paul, Weiss Real Estate Practice leverages a history of executing every kind of real estate property transaction and unparalleled business and legal acumen to help the most complex projects succeed amid volatile economic conditions.
Tricon Residential Forms New Single-Family Home Joint Venture
- Client News
- May 11, 2021
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.