EDEN Living to Develop New Build-to-Rent Project near Florida’s The Villages

May 16, 2022

EDEN Living, with the mission to redefine an underserved segment of the rental population, is about to start construction of a new horizontal-apartment project just south of Florida’s The Villages community. EDEN Living will develop 130 build-to-rent units on 15 acres it just acquired in Wildwood, FL.

EDEN plans to break ground in June 2022 and expects to complete the project in September 2023. It closed on the site at 2072 County Road 501 on April 11.

This new project is part of a recently formed venture between EDEN Living and an investment fund managed by Morgan Stanley Real Estate Investing (“MSREI”). EDEN previously finalized an agreement for MSREI to invest up to $180 million in its developments. The venture currently has several horizontal-apartment projects under construction in Florida.

The 130 units include a mix of 799-square-foot one-bedroom, one-bathroom apartments and 1,268-square-foot two-bedroom, two-bathroom apartments. Class A amenities at the project include a clubhouse, fitness center, pool, BBQ area, pickleball courts and a park with walkways and seating areas.

The development is conveniently located on the east side of I-75 and immediately west of Florida’s Turnpike. It is also just five miles from Brownwood Paddock Square, the downtown hub of The Villages.

“This high-end build-to-rent project complements the tremendous growth occurring in The Villages area,” said Jay Jacobson, CEO of EDEN Living. “The project site is surrounded by large-scale developments, many golf courses and an abundance of commercial and retail space. We are filling a void for new multifamily product in the area.”

The Villages is one of Florida’s largest master-planned communities. It is experiencing substantial growth in the medical sector, as evidenced by HCA Healthcare’s recent $18.8 million purchase of a Trailwinds Village property in Wildwood. HCA plans to build a large medical facility on the site.

Jacobson and fellow experienced multifamily developers Jay Massirman and Sergio Socolsky formed EDEN Living in February 2021. In addition to the MSREI agreement, EDEN Living has also secured a $22 million general partner equity raise through the Capital Advisors Single Family US 1 fund.

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.

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 jacky@edenmultifamily.com.

Link: Real Estate Weekly