Tricon: The Benevolent Overlord of Single-Family Rentals

• Meet Tricon, the king of the beach… if the beach was a large portfolio of over 38,000 single-family rental homes that span across the beautiful United States and the syrupy domain of Canada.

• As a developer and landlord extraordinaire, Tricon doesn’t just invest in housing. No, no, no. That would be too basic. Instead, they personally handpick, buy, renovate, rent, manage, and maintain their properties. They’re a little like a home makeover show host with a landlord twist.

• While other companies are dreaming about yachts and fast cars, Tricon is dreaming about the perfect type of roof shingle. That’s some next level passion right there.

• Despite sounding like a Marvel villain, Tricon claims that they care about their tenants’ wellbeing. They even made a whole campaign about it, emphasizing their “deeply personal commitment to enhancing the lives of their tenants.” Sounds like they’re trying to get a date rather than a rent check, but hey, business strategies vary.

Final Thoughts – Let’s Get Real Estate

Imagine for a moment, holding the keys to 38,000 homes. That’s a janitorial nightmare, but for Tricon, it’s just another Tuesday. While their name sounds like a couple of transformers eloped and started a super-trust-fund baby, their business really revolves around roofs, rooms, and rental agreements.

In the world of Monopoly, they’d be the player living it up on Boardwalk while the car token gets pummeled with a string of unlucky dice throws. But Tricon wants us to believe it’s not like that; they’re more like a kindly, all-powerful TV show host in business casual, makeovering houses and the lives of people, presumably with a lovely soundtrack in the background.

I’ll be honest. We’re not exactly sold on their “deeply personal commitment” to tenants. When you’re juggling 38,000 homes, it must be difficult to tell Bob from Betty and remember that Bob hates green doors, and Betty is very picky about her light fixtures. But who knows? Maybe their property manager meetings are attended by Sherlock Holmes and his gang of hyper-observant clones.

In short, Tricon is not just trying to make it rain, they’re smiling sympathetically, patting the rain on its back, and trying to help it strategize for a more successful cloud life. Or so they say. As usual, in the world of real estate and business, watching actions speak louder than words is the way to go.

Stay tuned, folks. Who knows what Tricon – the landlord, developer, home-flipper, and life-enhancer — might do next? Better keep an eye on your houses. You may find them attractively renovated, rented out to a nice family of four, and managed by a company that sounds like it came straight out of a sci-fi movie.

Original article: https://www.inman.com/2024/01/19/blackstone-to-take-tricon-residential-private-in-3-5b-deal/