Onyx+East, a home builder headquartered in Indianapolis, and Pretium, an investment management firm, 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 build over 2,000 new single-family rental homes in these regions, the joint venture will target development in growing suburban communities and locations outside of major metropolitan areas. In 2022, the partnership intends to develop six communities in Indiana, Ohio, and Florida, totaling more than 700 new homes.

“This partnership will expand our product offerings and provide style- and design-oriented rental homes to meet the needs of residents,” says 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.”

Onyx+East will bring open-concept floor plans, high-quality construction, and smart home technology to each community, while Progress Residential, Pretium’s single-family rental platform, will operate and manage the new build-to-rent communities.

“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,” says 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.”