EDEN Living to Build BTR Community in Florida
EDEN Living is continuing to expand its build-to-rent community presence with a new project in Wildwood, Fla. The firm is planning to start construction on Eden Village, a 130-unit apartment community, in June.
EDEN Living acquired the 15-acre site for the community in April. The firm is planning to build one- and two-bedroom units that range in size from 799 to 1,268 square feet. Eden Village’s amenities will include a clubhouse, fitness center, pool, barbecue area, pickleball courts and a park with walkways and seating areas.
Jay Jacobson, CEO of EDEN Living, said in prepared remarks that the community is surrounded by large developments, golf courses and a lot of commercial and retail space. Jacobson also said in prepared remarks that Eden Village would fill the void for new multifamily product in the area that’s been spurred by the growth the area is seeing.
EDEN Living tapped Certified General Contractors as the project’s general contractor, Jacky Sasson, director of land acquisition at EDEN Living, told Multi-Housing News. The community is expected to be completed in September 2023.
EXPANDING THROUGHOUT FLORIDA AND THE SOUTHEAST
Eden Village is part of a recently-formed venture between EDEN Living and Morgan Stanley Real Estate Investing where MSREI agreed to invest up to $180 million into EDEN Living’s projects. The venture with MSREI also has several other multifamily projects under construction in Florida.
Beyond its current projects, EDEN Living said it is looking for new development sites between 10 and 30 acres throughout its target markets. Sasson told MHN that some of EDEN Living’s target markets for upcoming developments include Ocala and Port St. Lucie, as well as the Orlando and Tampa metros. He also told MHN that the firm would soon expand into North and South Carolina.
Besides its partnership with MSREI, EDEN Living secured a $22 million general partner equity raise through the Capital Advisors Single Family US 1 fund. The firm also formed another joint venture with Sterling Equities in May to expand multifamily development and its investment platform throughout the Southeast U.S., though for traditional multifamily properties and not built-for-rent communities.