Homebuilder Onyx+East and investment Manager Pretium announced plans for a joint $600 million venture to develop, build, and operate over 2,000 new single-family, build-to-rent communities across Midwestern markets and Florida's West Coast.

This year, the operation aims to develop six communities across markets in Indiana, Ohio, and Florida, totaling more than 700 new homes.

Progress Residential, Pretium's single-family rental platform, will operate and manage the new single-family, build-to-rent communities on behalf of the joint venture.

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