Onyx+East, an award-winning homebuilder headquartered in Indianapolis and known for its modern and functional home designs, and Pretium, a specialized investment firm with $40 billion in assets, today announced the start of construction of Monterey, the first build-to-rent ("BTR") community under development through their previously announced joint venture. As part of the joint venture, Onyx+East and Pretium are committed to investing approximately $600 million to develop, build, and operate new single-family, BTR communities across key Midwestern markets and along Florida's West Coast.
Monterey will be a 24-home BTR community in Tampa, Florida with brand-new townhomes that incorporate sustainable home features such as luxury vinyl plank flooring and stucco exteriors, providing a sustainable and modern rental option. Located among the vibrant neighborhoods of West Tampa and Westshore, the location also provides easy access to Midtown Tampa, a 22-acre mixed-use district featuring Class A office space, mixed-use retail and entertainment, luxury apartment residences, and a boutique hotel.
Residents will have the option to rent three- and four-bedroom townhomes with attached garages and will be walking distance from Midtown Tampa's coveted urban amenities including Whole Foods, REI, a community dog park, and a watercourse trail. Monterey is a short commute from employment centers with over 160,000 jobs and major economic drivers including The University of Tampa, West River Development, and the Tampa General Hospital.
"This attractive location in Tampa's Midtown offers residents convenient transportation options throughout the Tampa/St. Pete metro area and plentiful opportunities for shopping, dining, and outdoor activities, Monterey will provide a desirable alternative to typical apartment living, offering residents a higher quality rental experience featuring private garages, dedicated outdoor spaces, and open and flexible floor plans."
Onyx+East's CEO, Kelli Lawrence
"Our partnership with Onyx+East and the Monterey project are emblematic of the high-quality, accessible, and affordable homes we are committed to building, renting, and operating," said Matt Johnston, Managing Director and Head of Build-to-Rent at Pretium. "This BTR community will offer Tampa residents a single-family lifestyle of modern, sustainable, and healthy homes with amenities and a location that we know our residents want. With today's national housing supply shortage only intensifying, we will continue to work with our partners to build homes and play a leading role as part of the private capital solution."
Monterey will be located at 1315 N. Himes Avenue. The joint venture purchased the land in February 2022 and the first units are expected to be available to rent in Q4 2023.
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.
Pretium is a specialized investment 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 approximately $40 billion of assets under management as of February 1, 2022 and employs more than 3,000 people across 30 offices, including London and Dubai.