Tricon Sells Interest in U.S. Multi-Family Portfolio

Paul, Weiss advised Tricon Residential Inc., an owner and operator of over 34,000 rental residences across North America, in the sale of its interest in a portfolio of 23 Sun Belt multi-family apartment buildings. The interest was acquired by a vertically integrated residential real estate investment and property management company, which will assume all asset and property management responsibilities for the portfolio after a customary transition period. The sale, completed on October 18, resulted in gross proceeds of approximately $315 million to Tricon and represents Tricon’s exit from the multi-family residential business, enhancing its balance sheet flexibility to pursue future growth in its core single-family rental business.

The Paul, Weiss team included real estate partner Salvatore Gogliormella and tax partner Scott Sontag.