Tricon Residential and the Arizona State Retirement System ASRS) are doubling down on their partnership to develop BTR housing in the Sun Belt, forming a new joint venture that adds $500M in equity to their original $450M investment.

The $500M infusion includes a $100M investment from Tricon that will be deployed over a three-year period. The expanded investment brings the total investment by the partnership to more than $1B when associated leverage is included.

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