Blackstone Unit to Land $411M for SFR Homes
The properties are spread across nine states.
Blackstone’s Tricon Residential is set to receive a $410.5 million CMBS loan backed by 1,490 SFR and nine condo units, according to a report by KBRA. Homes are spread throughout nine states.
Royal Bank of Canada will sell the interest-only, floating-rate note. Midland Loan Services will act as servicer and special servicer, while Computershare will serve as trustee.
Of the $3.5 billion spent on Tricon’s purchase two years ago, Blackstone earmarked $416.4 million for this 1,499-unit collection.
Tricon acquired the single-family homes between 2012 and 2024 with an average estimated price of $357,184. They have a vintage of approximately 31 years and their square footage averages 1,743 square feet. All units have at least two bedrooms.
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Properties are scattered throughout Georgia, Florida, Arizona, Texas, North Carolina, Nevada, South Carolina, California and Indiana. Largest exposure at metro level is in Atlanta (27.9 percent), Phoenix (19.1 percent), Tampa, Fla. (10.6 percent) and Charlotte, N.C. (8.9 percent).
The average rent across the collection stood at $2,008 as of January, slightly below the $2,180 national average recorded in December, according to a Yardi Matrix report. Nationally, BTR rents were down 1 percent year-over-year, marking the steepest decline in more than a decade.
Blackstone’s collection had an average occupancy rate of 96.8 percent in October, better than the 95 percent registered at a national level, the same data provider shows.
As of September 2025, Tricon owned or managed more than 65,000 SFR units throughout the U.S. The company issued 19 SFR securitizations totaling $9.2 billion and has already repaid $2 billion across five loans.
