Blackstone’s Tricon to Open Sacramento BTR Community
The property features three- and four-bedroom homes.
Sares Regis and Blackstone’s Tricon Residential will officially open Tricon Sunridge, a 114-unit build-to-rent property in Rancho Cordova, Calif., at the end of the month. The partners broke ground on the project in 2023, with Signature Homes aiding in the development process.
Comerica Bank issued a $19.7 million construction loan in 2021, according to Yardi Matrix data. Last year, Tricon refinanced the debt with a $28 million note issued by Texas Capital Bank, set to mature in 2026.
Carrying the address 11678 Venitia Lane, the community is adjacent to Sunridge Plaza Shopping Center. Downtown Sacramento, Calif., is some 17 miles away.
READ ALSO: Quinn Residences’ CEO on Sustainable Construction Solutions That Work
Tricon Sunridge encompasses three- and four-bedroom solar-powered homes that average 1,601 square feet. Amenities comprise attached two-car garages, smart-home technology and fenced backyards, among other features.
Last year, 550 rental homes came online inside communities of more than 50 units throughout Greater Sacramento, marking a 194 percent increase year-over-year, according to Yardi Matrix information.
As of May, the metro had 12 such projects in the development pipeline, each being in various planning and permitting stages, the same data provider shows.
Blackstone and Tricon’s BTR deal
After purchasing Tricon last year, Blackstone planned to invest $1 billion in existing build-to-rent communities. At the time, the developer had $1 billion of BTR projects in the pipeline throughout the U.S.
One of those projects was the 161-unit Tricon Twelve Bridges, also within Greater Sacramento. The developer partnered with Regis to bring the property online last May. Woodside Homes served as the general contractor.
