Joint venture between EDEN Multifamily and Cypress Equity Investments obtains construction financing for 212-unit multifamily development in growing South Florida MSA
TAMARAC, FL – April 6, 2021 – CE Development Partners, a joint venture between leading developers EDEN Multifamily and Cypress Equity Investments (CEI), started construction on EDEN West in Tamarac, Florida. The 212-unit Class A project fills a void for brand-new, garden-style apartment product in the growing South Florida submarket.
The venture obtained a $23.66 million senior construction loan from Wells Fargo for the project on April 2, 2021.
EDEN West is being constructed on 6.22 acres at West McNab and North Pine Island roads.
“Our venture was attracted to this development opportunity because of the site’s excellent proximity to major transportation corridors, significant retail and tens of thousands of job opportunities,” EDEN President Jay Jacobson said. “We look forward to delivering new Class A apartment product to the growing City of Tamarac.”
Michael Sorochinsky, CEO of Cypress Equity Investments, added, “Lower density surface parked opportunities are extremely rare in Broward County. In fact, this community is being developed on the site of an empty dilapidated retail center and commercial building.”
MSA Architects is EDEN West’s architect. ANF Group is the general contractor for the project.
CE Development expects to complete construction during the third quarter of 2022.
EDEN West will offer a mix of studio, one, two and three-bedroom apartments ranging in size from 598 to 1,388 square feet in a pair of 4-story buildings. Interior unit features include white quartz countertops in kitchens and bedrooms; GE stainless steel energy star appliances; floor-to-ceiling sliding glass doors; energy efficient full-size washer and dryer; wood-style plank flooring throughout kitchens and living rooms; and private balconies.
The project also will have a centrally located clubhouse with a 24-hour fitness center that accommodates Fitness on Demand™ streaming; yoga/group exercise studio; club room and lounge with televisions and a coffee bar; executive e-lounge; conference room; heated saltwater pool; sundeck courtyard with shaded cabanas; and a veranda featuring an outdoor kitchen and gas barbecue grills. Other amenities include electric car charging stations and a community dog spa.
EDEN West’s site is within four miles of major area employers such as Magic Leap, Convergys, KSM Electronics, University Hospital & Medical Center and City Furniture. There is nearly 38 million square feet of office space within a 20-mile drive of the site. The broader MSA has a 95% apartment occupancy rate and a consistently growing population.
Formed in 2015, EDEN Multifamily’s principals have a history of having developed more than 24,000 apartment units and through affiliated multifamily management firm RKW Residential manages nearly 25,000 units spanning six states. In Central Florida’s Port Orange, EDEN recently began construction on the 288-unit EDEN Crystal Lake. It previously developed the transformative Lazul North Miami Beach apartment community in the city’s Town Center district and along with CEI is in a venture with Lincoln Property Company on the 32 story Eden Las Olas tower in downtown Ft Lauderdale.
CEI was formed by Michael Sorochinsky in 2001 and since inception has executed ground-up and value-add real estate projects in all asset class, with a primary focus on multifamily. To date, CEI has developed and invested in projects consisting of more than 12,000 units in top U.S. cities, including Los Angeles, Boston, San Francisco, New York, Chicago, Portland, Phoenix and Las Vegas.
About CE Development Partners: A joint venture formed by EDEN Multifamily and Cypress Equity Investments to develop multifamily projects throughout the southeast U.S. CE Development Partners will be seeking opportunities in both urban and close-in suburban locations.
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. EDEN seeks out multifamily development opportunities in neighborhoods that are underserved and overlooked, specializing in boutique infill projects. Eden Multifamily is currently developing over 950 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.