EDEN Living has earned some financial backing for its latest build-to-rent multifamily project in Port St. Lucie, Fla. JLL Capital Markets’ Max La Cava, Kenny Cutler and Shane Ciacci arranged the undisclosed amount of joint venture equity on behalf of Eden Living.
The developer is looking to break ground on EDEN at Tradition in the third quarter of 2023, with estimated completion in 2025. The Class A development will have 214 units in two- and three-bed townhome-style residences. The units will be built with private backyards, attached garages, kitchen islands, stainless steel appliances, walk-in closets, and washer and dryer units. The community will also have a pool, grilling pavilion, fitness center, clubhouse, dog park, playground, lake and walking paths.
EDEN at Tradition will be on a 16.8-acre site within the larger 8,300-acre master-planned development being developed by Mattamy Homes. The development, called Tradition, will include more than 2,500 homes, including single-family units, villa neighborhoods and senior housing, as well as office, retail, hospitality and medical uses. When completed, the master-planned development will also offer 300 acres of parks, private schools, a Cleveland Clinic location, a town center and a driverless shuttle.
Tradition’s Port St. Lucie location puts it a half-hour drive from area beaches, 45 minutes away from West Palm Beach and less than two hours away from Orlando. The area is also home to several major employers including Cleveland Clinic, HCA Hospital, FedEx, Cheney Brothers and Teleperformance.
Building in Florida and beyond
As with EDEN at Tradition, EDEN Living has been focusing on developing rental single-story detached horizontal apartment homes and two-story townhomes around Florida and the surrounding southeastern U.S. region. The company was formed as a partnership between EDEN Multifamily’s Jay Jacobson and Jay Massirman and America’s Capital Partners’ Sergio Socolsky.
The partnership has a number of projects underway throughout Florida and already has plans to expand its multifamily platform across the U.S. EDEN Living has also been working on Eden Village in Wildwood, Fla., since starting construction in June 2022. In March, the partnership landed $22 million in development financing for the 130-unit apartment community that’s expected to deliver in the first quarter of 2024.