Eden Sells New Florida Property for $73M

November 09, 2023

It didn’t take Eden Multifamily long to find a buyer for the 212-unit garden-style property it opened in Tamarac, Florida over the summer.

On Oct. 31, Coconut Grove, Florida-based Eden and its joint venture partner Cypress Equity Investments sold the property to 8601 West McNab for $73 million, according to a press release shared with Multifamily Dive.

“[The sale] was actually a few months earlier than we had originally expected,” Eden President and Chief Operating Officer Jay Jacobson told Multifamily Dive.

Eden was able to move the property ahead of schedule without a large advertising campaign. “We did not do a widely disseminated marketing campaign,” Jacobson said. “We went out to a small known group of investors that were interested in a pre-stabilized property in western Broward County.”

Jacobson attributed the sale to strong investor demand for brand-new apartment properties in South Florida. The asset was experiencing “brisk leasing activity and nearing stabilization” at the time of the sale, according to the press release.

Eden West offers a mix of studio, one-, two- and three-bedroom apartments ranging from 598 to 1,388 square feet. The property’s 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 with 300 spaces.

Eden currently has nearly 1,200 units under construction across Florida and another 3,000 in the pipeline. It has sold two properties this year and expects one or two more for sale in 2024.

“We are taking the sales decision process very slowly and it all depends on where the investment markets are next year,” Jacobson said. “We are under no pressure to sell any assets.”

Link: Multifamily Dive