Onyx+East and Pretium Start Construction of Second Build-to-Rent Community
Marea Will be a 144-Home Community in Noblesville, Indiana
Extension of Joint Venture’s $600 Million Commitment to Broadening Access to Single-Family Lifestyle
Indianapolis and New York – August 3, 2022 – Onyx+East, an award-winning homebuilder headquartered in Indianapolis and known for its modern and functional home designs, and Pretium, a specialized investment firm with approximately $50 billion in assets, today announced the start of construction of Marea, the second build-to-rent (“BTR”) community under development through their previously announced joint venture. As part of the joint venture, Onyx+East and Pretium are committed to investing approximately $600 million to develop, build, and operate new single-family, BTR communities across key Midwestern markets and along Florida’s West Coast.
Marea will be a 144-home community in Noblesville, Indiana, a growing and prosperous city located northeast of Indianapolis. The community will include a mix of 3- and 4-bedroom homes with attached 2-car garages to provide residents the space and convenience of single-family living. Residents will be within a 10-minute drive of a variety of local service and retail businesses, including more than 20 restaurants and eateries and Hamilton Town Center by Simon Malls, located 1.6 miles southeast of the project.
“We are thrilled to build on our partnership with Pretium and Marea will bring ease, convenience, and comfort to hundreds of residents,” said Kelli Lawrence, CEO of Onyx+East. “Noblesville is an exciting, growing community with ample access to high-quality schools and amenities and Marea homes will benefit from our signature open-concept floorplans. I am confident our experience in creating modern, livable homes combined with Pretium’s resources and operational expertise will ensure residents have the opportunity to experience the benefits of the single-family lifestyle.”
“Demand for high-quality single-family housing continues to grow across the country, and Pretium’s partnership with Onyx+East is at the center of increasing supply of modern, quality homes for our residents,” said Matt Johnston, Managing Director and Head of Build-to-Rent at Pretium. “Alongside Onyx+East, we are committed to building, renting and operating communities in great locations and with outstanding amenities just like Marea. As we continue to invest in communities throughout the United States, we continue to bring private capital to bear to increase housing choice while playing our part to solve our nation’s housing shortage.”
First homes for Marea are expected to be available to rent in Q3 2023.
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Onyx+East is a full-service homebuilder executing development, construction, marketing, design, and sales with four offices in the Midwest and Florida. Founded in 2015 to deliver homes in the most desirable locations with an exceptional customer experience, Onyx+East creates places designed for modern living that are connected within growing cities and suburbs. Through creativity, innovation, and sustainability, Onyx+East creates communities that are changing the way people live, work and “do life.” For more information, visit onyxandeast.com/build-to-rent/.
Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $50 billion of assets and employs approximately 4,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.
Jon Keehner / Kate Thompson / Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
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