EDEN Living Starts Construction on First Build-to-Rent Development

October 07, 2021

Eden Arlingwood in Jacksonville, Florida, will include 265 units.


EDEN Living—a recently created horizontal apartment development firm from EDEN Multifamily principals Jay Jacobson and Jay Massirman and America’s Capital Partners principal Sergio Socolsky—has started construction on its first build-to-rent development.

The 265-unit development in Jacksonville, Florida, also is the initial project of the recently formed venture between EDEN Living and an investment fund managed by Morgan Stanley Real Estate Investing (MSREI).

Eden Arlingwood will be comprised of 189 single-story cluster apartment homes and 76 two-story townhomes. The one-, two-, and three-bedroom units will range between 700 and 1,300 square feet, with each unit having a private backyard and townhomes having private garages. The community also will feature an amenitized clubhouse with a fitness center, a pool, park areas, and walking trails.

EDEN Living completed the $8 million acquisition of the 20-acre site as well as secured a capital commitment from an MSREI-managed fund for the project. Construction is expected to be completed within 24 months.

“Starting construction on our first development is a significant milestone so soon after launching EDEN Living and forming the venture with MSREI,” said Jacobson, CEO of EDEN Living. “This project will showcase our vision to create dynamic, well-designed horizontal communities in very desirable neighborhoods throughout Florida and the Southeast U.S.”

EDEN Living was founded in February to develop one-story living environments and in some cases two-story townhomes to provide enhanced privacy, exterior living space, courtyards, and private landscaped backyards with amenities that are on par to what is found in traditional Class A multifamily communities.

The firm finalized an agreement over the summer with MSREI to invest up to $180 million in its developments. It also has secured a $22 million general partner equity raise through the Capital Advisors Single Family US 1 fund.

Link: Multifamily Executive

By: Christine Serlin