INDIANAPOLIS and NEW YORK, Jan. 20, 2022 /PRNewswire/ — 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.”
About Onyx+East
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.
About Pretium
Pretium is a specialized alternative investment management 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 more than $30 billion of assets under management as of December 31, 2021 and employs approximately 3,000 people across 30 offices. Please visit www.pretium.com for additional information.
About Progress Residential
Progress Residential is a market leader in intelligent single-family rental management services, with people, technology, scale, and data-driven solutions that streamline operations, optimize asset performance, and provide an exceptional renting and living experience for our residents. Progress Residential’s approximately 1,500 employees currently manage over 70,000 homes across 30 markets. Progress Residential also offers third-party property management service for investors with mid-to-large single-family rental home portfolios and Built for Rent communities through its Progress Residential Management Services. For more information, please visit www.rentprogress.com.
