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Onyx+East, an award-winning homebuilder headquartered in Indianapolis and known for its modern and functional home designs, and Pretium, a specialized investment management firm with approximately $30 billion in assets, including more than 70,000 single-family homes for rent, today announced the formation of a joint venture that will invest approximately $600 million to develop, build, and operate new single-family, build-to-rent communities across key Midwestern markets and Florida’s West Coast.
With plans to design and build over 2,000 new single-family rental homes in these regions, the joint venture will target development in growing suburban communities and coveted locations outside of major metropolitan areas, with access to main freeways, employment centers, desirable retail, and high-quality schools. In 2022, the partnership intends to develop six communities across key markets in Indiana, Ohio, and Florida, totaling more than 700 new homes.
Onyx+East, which is renowned for its fundamental commitment to modern and functional design, will bring its signature open-concept floor plans, high-quality construction, and smart home technology to each community. Onyx+East has been voted Best Home Builder by the Indianapolis Star for two consecutive years. Progress Residential, Pretium’s single-family rental platform and a leading manager of build-to-rent communities, will operate and manage the new single-family build-to-rent communities on behalf of the joint venture.
“Onyx+East is thrilled to partner with a best-in-class owner and operator in Pretium. This partnership will expand our product offerings and provide style- and design-oriented rental homes to meet the needs of residents,” said Kelli Lawrence, CEO of Onyx+East. “These build-to-rent homes will provide the same thoughtful design elements and community character that Onyx+East is known for in our for-sale product offerings in new suburban locations throughout our core markets.”
“We’re excited to form this partnership with Onyx+East to offer quality, professionally managed homes in popular neighborhoods to serve an ever-growing population of individuals and households that choose to rent,” said Matt Johnston, Managing Director and Head of Build-to-Rent at Pretium. “Onyx+East has a proven reputation of designing and building homes that appeal to today’s residents, and we look forward to working with the Onyx+East team to execute on our ambitious pipeline and address the under-supply of housing across the U.S.”
Read more about the joint venture on Bloomberg.