EDEN Living Completes Site Acquisition for New Build-to-Rent Development in Florida’s Booming Space Coast Market
Partnership, including Morgan Stanley Real Estate Investing, to start construction immediately on 373-unit horizontal apartment project.
EDEN Living, the development partnership of EDEN Living Development Partners LLC with the mission to redefine an underserved segment of the rental population, is set to start construction on a new development in Florida’s rapidly growing Space Coast market. A recently formed venture between EDEN Living and an investment fund managed by Morgan Stanley Real Estate Investing (“MSREI”) closed on the acquisition of a development site in West Melbourne, Florida and will construct a 373-unit horizontal apartment project.
The development, located at the intersection of the recently completed St. Johns Heritage Parkway and a newly constructed I-95 exit, includes a mix of single-story cluster apartment homes and two-story townhomes. All units are rentals.
Class A amenities at the project include a fitness center, club room, pool, dog park and walking trails.
Synovus Bank provided the venture with construction financing. Terms of the site acquisition and financing were not disclosed.
“We are very excited to commence construction of a Class A build-to-rent project in a booming market,” said Jay Jacobson, CEO of EDEN Living. “The Space Coast is experiencing tremendous economic growth, which in turns creates intense demand for new rental housing. Our venture with MSREI is off to a strong start, with several dynamic, well-designed horizonal communities in the pipeline throughout Florida and the Southeast U.S.”
Jacobson and fellow experienced multifamily developers Jay Massirman and Sergio Socolsky formed EDEN Living in February 2021. Over the summer, EDEN Living finalized an agreement with MSREI to invest up to $180 million in its developments. EDEN Living has also secured a $22 million general partner equity raise through the Capital Advisors Single Family US 1 fund.
EDEN Living has another 500 units in the approval process throughout Florida and is pursuing additional development sites across the Southeast. It is constructing Eden Arlingwood, a 265-unit community in Jacksonville with 189 single-story, cluster apartment homes and 76 two-story townhomes.
The venture develops one-story living environments (and two-story townhomes in some locations) that provide enhanced privacy, exterior living space, courtyards and private landscaped backyards. Residents will be able to access their homes with no sharing of breezeways or elevators. Projects will include amenities that are on par with what is found in traditional Class A multifamily communities.
Horizontal apartments are built as single-story detached homes or two-story townhomes, with their own private entrances or backyards. In the EDEN Living model, the only exception is that many of the one-bedroom units are single-story duplexes sharing a center wall. Two and three-bedroom homes are detached, while mimicking the layout and square footage of a conventional apartment.
EDEN Living is actively seeking new development sites between 10 and 30 acres throughout its target markets. For direct inquiries, contact EDEN Living Director of Land Acquisition Jacky Sasson at firstname.lastname@example.org.
About EDEN Living:
EDEN Living is a partnership between EDEN Multifamily principals Jay Jacobson and Jay Massirman and America’s Capital Partners (ACP) Principal Sergio Socolsky. The partnership was formed to develop for rent, single-story detached horizontal apartment homes and two-story townhomes around the State of Florida and the Southeast, with future plans to expand the platform nationally. For more information on EDEN Living, visit http://www.edenliving.net.