Tricon Capital Group Inc.’s single-family rental joint venture, TAH-JV1, has acquired a portfolio of 708 housing units in Nashville, Tennessee.
The portfolio is fully stabilized with approximately 97 percent occupancy, an average vintage of 11 years and has been renovated by its previous owner and operator, Invitation Homes. The portfolio purchase price of about $210 million was funded by a combination of JV equity and debt under the JV’s existing credit facility.
Tricon initially entered the Nashville market in the first quarter of 2019, attracted by its strong housing fundamentals and growing local economy. This acquisition increases Tricon’s Nashville portfolio under management to approximately 850 homes and provides economies of scale and diversification to Tricon’s single-family rental business.
Nashville now represents approximately 4 percent of Tricon’s overall managed portfolio of homes.