Pretium Signs $600 Million Joint Venture to Develop Rental Homes
- Wall Street landlords are betting on houses built as rentals
- ‘Build-to-rent’ pitched as efficient way to acquire properties
Photographer: Tom Strickland/Bloomberg
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Pretium Partners is launching a joint venture that will invest roughly $600 million to develop new homes for lease, expanding in a corner of U.S. housing that’s increasingly popular with investors.
Pretium, whose portfolio of 70,000 homes makes it the second largest single-family landlord in the U.S., is partnering with Indianapolis-based builder Onyx+East, to develop more than 2,000 rental houses. The deal follows another joint venture, announced in September, for the firm to build 3,000 homes through a partnership with builder Crescent Communities.