Indianapolis-based homebuilder Onyx+East has entered into a joint venture with Pretium, a specialized investment management firm focused on U.S. residential real estate. The companies say they will invest $600 million to develop, build and operate new single-family residential communities.
While specific locations were not mentioned, the companies say the communities will be in key Midwestern markets and the west coast of Florida. Plans call for the construction of more than 2,000 single-family rental homes in the regions.
“This partnership will expand our product offerings and provide style- and design-oriented rental homes to meet the needs of residents,” said Kelli Lawrence, chief executive officer of Onyx+East. “These build-to-rent homes will provide the same thoughtful design elements and community character that Onyx+East is known for.”
This year, the JV will focus on markets in Indiana, Ohio and Florida with the construction of 700 new homes.
The locales include outside major metropolitan areas with access to main freeways, employment centers, and high-quality schools.