{"id":1004117685,"date":"2015-04-17T03:59:21","date_gmt":"2015-04-17T11:59:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004117685"},"modified":"2022-12-02T02:11:19","modified_gmt":"2022-12-02T10:11:19","slug":"tricon-expands-into-texas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tricon-expands-into-texas\/","title":{"rendered":"Tricon Expands into Texas"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor\u00a0<\/em><\/p>\n<div id=\"attachment_1004117687\" style=\"width: 160px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Francis.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004117687\" data-attachment-id=\"1004117687\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tricon-expands-into-texas\/francis\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Francis.jpg\" data-orig-size=\"478,262\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Francis\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Wissam Francis,Tricon&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Francis.jpg?w=478\" class=\"size-thumbnail wp-image-1004117687\" alt=\"Wissam Francis,Tricon\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Francis.jpg\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-1004117687\" class=\"wp-caption-text\">Wissam Francis,Tricon<\/p><\/div>\n<p>Tricon Capital Group Inc. has acquired a portfolio of 1,385 homes located in North Carolina, South Carolina and Texas from BLT Homes, a single-family rental operating platform of Building and Land Technology, for $150 million.<\/p>\n<p>\u201cThe portfolio we purchased was exactly identical to the current areas that we are in,\u201d Wissam Francis, Tricon\u2019s executive vice president, corporate finance, told <i>Commercial Property Executive<\/i>. \u201cOur existing portfolio already includes properties in Houston and San Antonio, and Columbus (N.C.) is only about an hour and a half away from our Charlotte portfolio, so it seemed like a natural fit for us.\u201d<\/p>\n<p>According to Francis, the portfolio allowed Tricon to expand into Texas in a meaningful scale.<\/p>\n<p>\u201cWe\u2019re very selective on where we go and what areas we go into,\u201d he said. \u201cWe focus on areas we are already in and focus on those we have been in for some time now. We\u2019ve been looking at and studying the Texas market for a couple of years now.\u201d<\/p>\n<p>BLT Homes originally entered the single-family rental business in 2012, acquiring homes at unprecedented discounts to replacement cost to operate a rental portfolio at attractive relative yields.<\/p>\n<p>\u201cWe\u2019re extremely pleased to complete this transaction with one of the top operators in the single-family rental sector and a competitor in our markets for whom we have a great deal of respect,\u201d Christopher Capolongo, BLT Homes\u2019s CEO, said in a company release. \u201cWe have created significant value since our initial single-family acquisitions, and we believe this transaction will produce a successful result for both parties.\u201d<\/p>\n<p>RealtyTrac\u2019s Q1 2015 Residential Property Rental Report noted that with homeownership rates at their lowest level in 20 years and relatively low home prices in many parts of the country, there is still plenty of opportunity in the U.S. housing market for single-family rental investors employing a variety of investing strategies.<\/p>\n<p>\u201cWhether focusing on markets where homeownership-shy Millennials are migrating, markets where recovering Gen X homeowners-turned-renters are prevalent, or markets Baby Boomers are testing for retirement, investors can find good options with solid potential rental returns,\u201d Daren Blomquist, RealtyTrac\u2019s vice president, said in the report.<\/p>\n<p>RealtyTrac found markets in North Carolina and Georgia offered some of the highest rental returns with Midland, Texas up 24 percent and Asheville, N.C., up 19 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tricon Capital Group expects to get some high rental returns from its most recent acquisition.<\/p>\n","protected":false},"author":451,"featured_media":1004117687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004117685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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