/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES./
TORONTO, July 24, 2014 /CNW/ -
"We are excited to expand our relationship with Shea, one of the premier1 homebuilders in the U.S. and a leader in the development of highly amenitized communities targeted at the baby boomer market," said David Berman, Tricon's Chairman and Chief Executive Officer. "We believe that the Trilogy Lake Norman investment offers a unique opportunity to take advantage of the strong growth fundamentals in both the Charlotte and the Active Adult market segments."
- The Property is located in Northwest Charlotte, near Lake Norman, which is over 32,000 acres2 in size and is a popular amenity utilized for a number of recreational activities including boating and fishing.
- The Active Adult demographic is expected to be one of the fastest growing population segments in the U.S. over the next decade3 and the Carolinas were ranked as the two most desirable retirement destinations in the Del Webb 2010 Baby Boomer Survey given, in part, the strong relative affordability and temperate climate.
- The Property is located less than one mile from the recently expanded Hwy-16, which provides convenient access to Charlotte Douglas International Airport (approximately 20-25 minutes) and downtown Charlotte (approximately 30 minutes).
- There are currently a limited number of competitive age restricted communities within the market place4, with only one other actively selling large-scale Active Adult community in Charlotte.
- Charlotte experienced 2.1% and 2.7% year-over-year population and employment growth in 2013, significantly above the national growth rates of 0.7% and 1.7%5, respectively. Furthermore, median household income in Charlotte grew at 3.6% in 2013, over 1.4 times the national growth rate6.
- The commitment increases Tricon's AUM by $43.3 million or 2.1%, to a total of approximately $2.1 billion.
About Tricon Capital Group Inc.
Founded in 1988, Tricon is one of North America's leading residential real estate investment companies. Tricon provides financing to local operators or developers in select markets in the United States and Canada, with a primary focus on housing in growing markets. Our business objective is to invest for investment income and capital appreciation through our Principal Investment business segments and to earn fee income through our Private Funds and Advisory business. We currently have $2.1 billion of assets under management, including 22,200 single-family lots, 6,100 multi-family units and a portfolio of over 4,000 U.S. single-family rental homes. Since inception, Tricon has invested in approximately 160 transactions for development projects valued at more than $12 billion. More information about Tricon is available at www.triconcapital.com.
About Shea Homes
Shea Homes is one of the largest private homebuilders in the United States. Since its foundin