Onyx+East and Pretium form $600m single-family, build-to-rent JV
Onyx+East, a homebuilder headquartered in Indianapolis, has formed a joint venture with Pretium to 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 more than 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.
Progress Residential, Pretium's single-family rental platform and a leading manager of build-to-rent communities, will operate and manage the new communities on behalf of the joint venture.