Scottsdale construction firm launches capital raise to build 1,000 rental home units
Sep 4, 2023, 5:45 AM
A Scottsdale turnkey construction operator is building thousands of build-to-rent units across the country. (Tricor LLC)
(Tricor LLC)
Scottsdale-based Tricor LLC is preparing to launch a $156 million capital raise to fund the construction of 1,000 single-family rental units across the country.
Its new-build division is focusing on build-to-rent projects, where detached, single-family homes are built in a community with shared amenities.
Tricor currently has 700 BTR units under construction in areas surrounding Dallas; Tampa, Florida; and Raleigh, North Carolina.
“We have another 15 contracted to build in various stages of approvals with municipalities,” Craig Lonsdale, founder and CEO of Tricor, told the Business Journal.
Plans call for launching a rental subdivision in Arkansas by the end of the year, he said.
And now, as investors join the $156 million syndication, plans are in the works to build another 1,000 rental units in Texas, North Carolina and Florida.
“We’ve identified six properties and have gone through the process of tying them up,” Lonsdale said.
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