EDEN Multifamily and Cypress Equity Investments Close $73M Sale of South Florida Apartment Community

November 05, 2023

Joint venture completes successful disposition of newly built Eden West in Tamarac.

EDEN Multifamily, the prolific South Florida developer, and joint venture partner Cypress Equity Investments closed the $73 million sale of the Eden West apartment community in Tamarac, Florida. The venture completed the 212-unit garden-style development this summer.

The transaction closed on Oct. 31. The buyer is 8601 West McNab LLC.

Located at 8601 W. McNab Road, Eden West features a variety of floor plans ranging from 598 to 1,388 square feet, with a mix of studio, one, two and three-bedroom apartments. Amenities include a saltwater pool, fitness center, landscaped area with outdoor fitness equipment, a resident club room and lounge with coworking spaces, electric car charging stations, and open surface parking accommodating 300 spaces. 

Eden West was experiencing brisk leasing activity and nearing stabilization at the time of the community’s disposition.

“This transaction is a tremendous outcome for our joint venture,” said EDEN Co-Founder Jay Jacobson. “The sale of Eden West shows that strong investor demand for brand-new apartment product in South Florida still exists, despite the softening occurring in other parts of the nation.”

EDEN has a robust portfolio of nearly 1,200 units under construction across Florida and another 3,000 in the pipeline.

EDEN is actively seeking new development sites for institutional sized multifamily projects throughout Florida. For direct inquiries, contact Tyler Heckaman at tyler@edenmultifamily.com.

About EDEN Multifamily: A joint venture formed by real estate industry veterans Jay Massirman and Jay Jacobson, EDEN Multifamily brings more than 70 years of experience and a rich history of identifying and developing successful residential projects. In 2022, EDEN Multifamily entered into a strategic partnership with Sterling Equities. Sterling is a New York-based real estate and media investment company that through the past 70 years has developed and invested in thousands of multifamily units, millions of square feet of commercial and industrial properties as well as sports teams and sports media. EDEN seeks out multifamily development opportunities in neighborhoods that are underserved and overlooked, specializing in boutique infill projects. EDEN Multifamily is currently developing over 1,130 units throughout Central and South Florida. For more information, visit  www.edenmultifamily.com.

About Cypress Equity Investments: Operating since 2001, Cypress Equity Investments (CEI) is a real estate investment company comprised of professionals who have been executing real estate investment strategies for the past three decades. Since its inception, CEI has been spearheading ground-up and value-add real estate projects in all asset classes, with a specialty in multifamily. The company continues to execute its Class A development and acquisition strategies in top-tier urban markets throughout the U.S. For more information, visit www.cypressequity.com.

Link: City Biz