Canada-based Tricon Residential Inc. has invested $95 million in two communities in the Lone Star State, including one right here in North Texas.
On April 3, Tricon, a Blackstone Real Estate portfolio company, announced the grand opening of the two build-to-rent communities: Tricon Trinity Falls in McKinney and Tricon Peek Road in the Houston metropolitan area.
“The U.S. is facing a shortage of an estimated 4-5 million homes, driving up costs and making it harder for families to find housing in well resourced neighborhoods. These communities expand access to high-quality, affordable rental options in great neighborhoods, with access to good schools, job centers, and essential community resources at a monthly cost well below that of homeownership,” read the announcement.
Together, the two communities will provide over 300 new single-family homes, including 126 in the McKinney development. Both developments will include one- and two-story home options and three- and four-bedroom layouts. All homes come with two-car garages and fully fenced backyards.
“Tricon Trinity Falls and Tricon Peek Road address Texas’ critical need for high-quality housing options during this period of economic and population growth, when it has become nearly impossible for so many Americans to become homeowners,” said Andrew Carmody, Senior Managing Director at Tricon Residential.
“We’re proud to introduce these new built-to-rent communities, which will help meet the significant demand for affordable rental housing options in the Dallas-Fort Worth and Houston metropolitan markets. Our professionally managed communities offer families access to thriving neighborhoods with excellent schools, abundant job opportunities, and desirable amenities—all at prices significantly below the cost of homeownership,” Carmody continued.
McKinney Mayor George Fuller mirrored the sentiment, saying the new North Texas community is “the kind of high-quality housing” the “fast-growing city needs.”
“This community will give McKinney families access to professionally managed homes, excellent schools, and job opportunities—all while supporting our continued economic growth. We welcome Tricon Residential and look forward to working together to meet the housing needs of our city.”
Tricon Trinity Falls, located at 2545 Finch Hollow Dr., offers homes with monthly rental rates ranging from $2,229 to $2,769, per DBJ.
So far, around two-thirds of the homes have been leased.