Onyx+East partners with Pretium to build single-family communities in US

WCN Editorial Team 21 Jan 2022 NORTH AMERICA BUILDINGS

US-based homebuilder Onyx+East has formed a joint venture (JV) with specialised investment management firm Pretium have to build new single-family communities in the US.

With an investment of around $600m, the JV will develop, build, and operate new build-to-rent communities across key Midwestern markets and West Coast, Florida.

Onyx+East CEO Kelli Lawrence said: “This partnership will expand our product offerings and provide style- and design-oriented rental homes to meet the needs of residents.

“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.”

The JV plans to design and build more than 2,000 new single-family rental homes, with focus on suburban communities and locations outside of major metropolitan areas.

A total of six communities are planned to be developed by the JV across key markets in Indiana, Ohio, and Florida this year. These will have more than 700 new homes in total.

Pretium build-to-rent managing director and head Matt Johnston said: “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.”

Each of the community under the JV will feature Onyx+East’s signature open-concept floor plans, and smart home technology.

On behalf of the JV, Pretium’s single-family rental platform Progress Residential will be responsible for operating and managing the new single-family communities.

The JV plans to design and build more than 2,000 new single-family rental home. Credit: Denis Doukhan from Pixabay.

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