Blackstone (NYSE: BX) has agreed to acquire all outstanding common shares of Tricon Residential Inc. (NYSE: TCN), an owner, operator and developer of a portfolio of approximately 38,000 single-family rental homes in the U.S., equating to a $3.5 billion equity transaction value.

Tricon provides rental homes and apartments, along with resident services through its tech-enabled operating platform and operating teams. Tricon serves communities in markets such as Atlanta, Charlotte, Dallas, Tampa and Phoenix as well as Toronto, Canada. In addition to managing a single-family rental housing portfolio, Tricon has a single-family rental development platform in the U.S. with approximately 2,500 houses under development, as well as land development projects to support the future development of nearly 21,000 single-family homes.

Under Blackstone’s ownership, the company plans to complete its $1 billion development pipeline of single-family rental homes in the U.S. and $2.5 billion of new apartments in Canada.