Tricon Completes Texas Single-Family Rentals
Demand for rental homes is still strong in both Houston and Dallas, according to the developer.
Tricon Residential, a subsidiary of Blackstone Real Estate, has opened two new build-to-rent communities of single-family rental homes in Texas: Tricon Trinity Falls in the Dallas-Fort Worth area and Tricon Peek Road in the Houston metro.
Tricon Peek Road, developed in a partnership with Johnson Development and HHS Residential, comprises 175 new single-family homes in Katy, Texas, in metro Houston. The other community, Tricon Trinity Falls, was also developed in partnership with HHS Residential and includes 126 recently completed single-family homes in McKinney, Texas, a north Dallas-Fort Worth suburb.
Both communities feature one- and two-story home options with three- and four-bedroom layouts, as well as two-car garages and fully fenced backyards.
Bullish on the Lone Star State’s cities
Houston’s strong economy and job growth coupled with high housing demand makes the market good for building built-to-rent communities, Tricon Senior Managing Director Andy Carmody told Multi-Housing News.
“With Houston needing over 60,000 homes to meet current demand, housing costs are rising, making it difficult for families to find options,” Carmody says, adding that Tricon Peek Road residents typically save about $1,000 monthly compared to homeownership, though it provides the same sort of amenities, and a location near the Grand Parkway, with its access to the greater Houston area.
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As for Dallas, residential demand is also strong, though somewhat off from a year ago. In February 2025, Dallas home prices were up 0.7 percent compared a year earlier, selling for a median price of $419,000, according to Redfin. Dallas residential properties sell after 55 days on the market, on average, compared to 40 days last year. There were 703 homes sold in February this year, down from 760 last year.
Tricon and Blackstone are no strangers to Texas. In September, the developer opened new communities in Leander and Tomball, which added over 300 new single-family rental homes to the Lone Star State’s housing stock.
