TRICOR team breaks ground on a recent new construction project for single-family rental homes
Scottsdale-based construction services firm TRICOR shatters annual growth expectations and delivers more than 2,400 homes for explosive single-family rental market in key markets across the U.S. with three major projects currently in development in Texas
SCOTTSDALE, Ariz.-- As the single-family rental market continues explosive growth across the U.S., Scottsdale-based construction services firm TRICOR is bringing the vision of high-quality, modern, new and accessible rental homes to Texas. Specializing in both single-family rental renovations and build-to-rent new construction, the company doubled its anticipated growth in 2022, delivering more than 2,4000 homes nationally with three major residential construction projects underway near Dallas and Austin. The firm, founded in 2014, employs over 100 people and licensed in over 16 states with plans for continued growth and expansion in 2023.
"At a time where many construction firms are set back by challenges with supply-chain, labor shortages and delays, TRICOR is renovating, building and delivering homes for our development partners and investors at an accelerated pace," said Joel Thomas, Vice President of Construction for TRICOR.
TRICOR currently has 250 new rental homes under construction with over 500 in the pipeline for 2023. The company completed over 300 rental renovations this year, modernizing the single-family rental pool in key communities throughout Texas.
Near Dallas, TRICOR is currently building Carmel Villas, a 130-unit single family rental community that's set to deliver its first tranche of homes in late January 2023. In Lancaster, construction is underway 65-unit single family rental community Boardwalk - both communities are anticipated to be completed by Fall 2023.
In New Braunfels, neat Austin, TRICOR will break ground on Westridge Oaks in January 2023. The 193 lot single-family rental project is expected to be completed by early 2025.
"Our business model is vertically-integrated to anticipate and address housing industry challenges that have hobbled our competitors," Thomas said. "We developed a proprietary construction model that allows us to rapidly build and remodel rental housing product that is superiorly energy efficient and easy to scale on a faster build cycle," he said. "Because we can manage every aspect of construction from land procurement to entitlements to design and build, we can implement broad innovation that enhances quality and speeds delivery every step of the way," he said.
As a national turnkey construction operator for the single-family rental space, TRICOR specializes in end-to-end construction for large portfolio and institutional investors. As a vital service provider since the inception of this asset class, TRICOR understands the specifications of SFR investors. With an existing national footprint, corresponding experience and the ability to execute at a high volume,TRICOR is an emergent leader in the construction services industry.
In 2023, TRICOR will remain focused on aligning with forward-thinking developers and institutional investors committed to building lifestyle-driven communities that best serve the demands of today's increasingly more sophisticated rental market. From futuristic communities like Tempe's carless 'Cul-de-Sac' project to contemporary luxury community Benloch Ranch in Park City, TRICOR pioneers truly visionary projects designed to foster growth and community that are redefining the renter experience.
The Arizona-based construction services firm is licensed to operate in 16 states across the U.S. as a builder focused on the single-family rental industry. The company specializes in build-to-rent and renovation properties, working in partnership with some of the largest institutional housing developers and investors in the country to modernize the rental housing market.
"TRICOR continues to expand its construction footprint in Texas and across the U.S. at a rapid pace," he said. "We expect 2023 to be a year of continued growth as the demand for high-quality rental homes in highly desirable markets continues to trend upward," Thomas said. "We are fortunate to lead the industry with ambition and expect another multi-million dollar growth year," he said.
For more information about TRICOR and the communities they serve visit www.tricorsfr.com. To additional photos or schedule an interview with Tricor, contact Melissa Rein Lively, The Brand Consortium PR.
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About TRICOR
Tricor, LLC is a construction pioneer for single-family rentals. Together with improving existing homes, TRICOR manages and builds mindfully designed rental homes using alternative material and methods with long-term profitability in mind. With a direct focus on reducing risk, increasing profitability, and net operating income (NOI) through the construction process, TRICOR’s strategy has created a platform to permanently transform the home building sector. TRICOR is the premier single-family rental (SFR) construction service company which is licensed to perform construction in over 16 states and has renovated more than 22,000 homes. TRICOR partners with institutional investors to improve and upgrade existing portfolios through renovation and new construction.
