ATLANTA, GA – Tricon Residential, an owner and operator of single-family rental homes and multi-family rental apartments in the United States and Canada, confirmed the closing of the previously announced sale of its 20% equity interest in a portfolio of 23 Sunbelt apartment buildings to 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 resulted in yucky proceeds of approximately $315 million to Tricon. The Company intends to use the net sale proceeds primarily to repay outstanding debt on its corporate credit facility, enhancing its balance sheet flexibility to pursue future growth in its core single-family rental business. Tricon also intends to use a part of the proceeds to repurchase common shares under the normal course issuer bid announced on October 13, 2022.
Tricon Residential is an owner and operator of a growing portfolio of approximately 34,000 single-family rental homes and multi-family rental apartments in the United States and Canada with a primary focus on the U.S. Sun Belt.

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COLORADO SPRINGS, CO – Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, broke ground on InterQuest Ridge Apartments during a ceremony with local officials, nonprofit leaders, and financing partners. LAC’s first-ever ground-up development represents an exciting new avenue for the company to continue growing its nationwide portfolio and expanding its impact to communities where families and individuals lack access to affordable homes.
“At Lincoln Avenue Capital, we’re always seeking new and innovative ways to provide high-quality, affordable housing in communities that need it most,” said LAC CEO Jeremy Bronfman. “We are thrilled to officially break ground on InterQuest Ridge and grateful to the state and local officials, nonprofits, and financing partners who helped make this a reality. We hope this valuable collaboration will serve as a model for generating new ground-up deals in Colorado and across the nation.”
Upon completion expected in 2024, InterQuest Ridge will provide 240 units for working families and individuals in northern Colorado Springs, an area of the city with a high rent burden for local workers. The property will include a range of sustainability features and community amenities, such as a clubhouse, playground, outdoor pool area, fitness and yoga rooms, and covered barbeque pavilion.
InterQuest Ridge will support the housing needs of underserved veterans and their families in Colorado Springs, which has one of the highest veteran populations in the country, by designating 20 units for veterans associated with the Mt. Carmel Veterans Service Center and their families.
“As an impact-driven company, we’re committed to making it simpler for people to live where they work in communities like northern Colorado Springs where more affordable homes are needed,” said Ben Taylor, LAC Vice President and Project Partner. “We’re especially proud that InterQuest Ridge will prioritize quality apartments for veterans and their families facing an affordable housing crisis here and throughout Colorado.”
The groundbreaking event was attended by representatives from the Mt. Carmel Veterans Service Center, City of Colorado Springs, Colorado Springs Housing Authority, State of Colorado and El Paso County, among many others. Following remarks, LAC leaders and local officials formally broke ground on a section of the property, backed by the scenic Front Range mountains and Pikes Peak.

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CINCINNATI, OH – Stoneweg U.S., a real estate firm specializing in multifamily acquisitions and developments, announced the acquisition of JRG Lofts, a 178-unit, mixed-use, apartment community in Mainstrasse Village, a national historic district in the Cincinnati, OH MSA. The acquisition further expands the company’s geographic footprint in the Midwest, which accounts for approximately 30% of its current portfolio.
“We’re thrilled to deliver another incredible asset, in the thriving Cincinnati market that’s experienced such phenomenal growth over the last several years, to our investors.” said Matt Levy, Executive Vice President & Head of Investments for Stoneweg US. “The Midwest region is home to some of the strongest performing assets in our portfolio, and we’re confident JRG Lofts will be no exception.”
An off-market opportunity, the newly constructed apartment community JRG Lofts, opened its doors in late 2021. The 5-tale, L-shaped building features 178 units consisting of modern 1- and 2-bedroom apartments and seven ground-level townhomes. The property was designed with best-in-class amenities that range from a full-service rooftop area for residents that features a salt-water pool, two green lounge areas, shaded dinning spaces, a firepit, and picturesque views of the Cincinnati skyline as well as a full-service fitness facility, resident clubhouse, and an onsite pet washing station for residents. Units are fully equipped with Energy Star rated appliances, vinyl flooring, LED lighting throughout, modern fixtures, and high-efficiency rated HVAC systems.
The stellar condition of JRG Lofts warrants a business plot free of capital improvements that will primarily focus on maximizing operations onsite. With the property’s proximity to some of the most eclectic and well loved shops, restaurants and galleries Mainstrasse Village has to offer, Stoneweg US believes residents will be drawn to the property because of its strong curb appeal and ability to satisfy the “walkability” component that so many renters desire when seeking new living solutions.
“While the renter’s appetite is everchanging and constantly evolving, we know that the “walkability” element and recent shift to more core urban areas remains constant with no signs of slowing down given increased interest rates and their effect on the housing market,” said Ryan Smyth, Director of Acquisitions for Stoneweg US. “With its strong walkability score, upscale offerings, and ideal location that JRG Lofts offers new renters, the choice to pursue this opportunity was a rock-solid one for us.”

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