Blackstone’s Tricon Opens 2 BTR Properties in Dallas-Fort Worth
Tricon now operates more than 1,200 rental homes in Texas.
Blackstone’s Tricon Residential, together with HHS Residential, has officially opened 267 homes in Dallas-Fort Worth across two single-family rental communities dubbed Tricon Garland and Tricon Saginaw.
Blackstone committed nearly $100 million for the development of these two properties, a Tricon spokesperson told Multi-Housing News. Construction on the Garland, Texas, community kicked off two years ago, one year after the team broke ground on the homes in Saginaw.
The Garland community encompasses 101 townhomes about 15 miles east of downtown Dallas. Units feature three- and four-bedroom layouts that range between 1,603 and 1,826 square feet. Amenities comprise attached two-car garages, a private patio and smart-home technology.
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In 2023, Tricon drew an undisclosed amount from a $75 million line of credit, held by Western Alliance Bank, for the property’s construction, Yardi Matrix data shows.
Located roughly 10 miles northwest of downtown Fort Worth, Tricon Saginaw comprises 166 units across nearly 22 acres. The detached homes have three- and four-bedroom floorplans ranging from 1,464 to 2,004 square feet, with features such as two-car garages and fenced backyards. Community amenities include a swimming pool and dog park.
Western Alliance Bank issued $40.9 million for the construction of this community as well, the data provider shows. The 2023 debt is cross-collateralized with a $24.8 million loan on Tricon Willow Creek, a 148-unit property in Tomball, Texas, that debuted this year.
Tricon considers homes with three- and four-bedroom layouts, as well as two-car garages and private backyards, to be most popular as such features are typically unmet by traditional apartments.
Tricon’s Texas presence
Tricon now operates six BTR properties in the Metroplex, the spokesperson told MHN. The firm owns 10 such communities across Texas, encompassing more than 1,200 homes. The company collaborated with homebuilder HHS Residential, which was a key contributor to the construction of these properties.
Blackstone took Tricon private last year in a $3.5 billion deal. “In partnership with Blackstone Real Estate, Tricon Residential is committed to unlocking access to great communities for families, without the barriers and costs of homeownership,” Tricon Senior Managing Director Andy Carmody told Multi-Housing News.
“Through our efforts to expand and enhance America’s housing supply, we’re delivering professionally managed built-to-rent communities to fast-growing, high demand areas like Dallas-Fort Worth,” he added.
Rental home deliveries go up in the Metroplex
Developers brought online more than 3,300 rental homes in Dallas-Fort Worth during the first 10 months of 2025, according to Yardi Matrix. The data provider expects the figure to go up to nearly 4,100 by year’s end, a figure 27.5 percent higher than the one registered in 2024.
Meanwhile, the Metroplex still had upward of 6,960 homes underway across 31 projects of 50 units or more, the same data provider shows. One of these developments is a 118-unit BTR development for which Tower Capital issued a $29.5 million construction loan earlier this year, as part of a $100 million financing deal.
