December 11, 2019
Tricon Capital Group’s single-family rental joint venture, TAH-JV1, has acquired a portfolio of 708 homes in Nashville. The sales price was $210 million.
The fully-stabilized portfolio is approximately 97% occupied. The portfolio has been renovated and maintained by the previous owner with an average property age of 11 years. The acquisition increases Tricon’s Nashville portfolio under management to approximately 850 homes. Nashville now represents approximately 4% of Tricon’s overall managed portfolio of homes.
“We are excited to add such a high-caliber portfolio to our single-family rental business and gain immediate scale in Nashville, one of the fastest-growing cities in North America,” said Gary Berman, CEO at Tricon. “The portfolio is a compelling fit with our middle market strategy and consistent with the acquisition objectives of TAH-JV1, which has now deployed more than half of its committed capital. We anticipate a smooth integration of the acquired homes onto our platform, and we look forward to welcoming many new Nashville residents and Invitation Homes employees to Tricon.”
The seller of the portfolio was undisclosed.
For comments, questions or concerns, please contact David Cohen