Agreement calls for an anticipated commitment of up to $180 million in capital for partnership’s horizontal apartment developments
MIAMI, FL – June 24, 2021 – EDEN Living, the development partnership of EDEN Living Development Partners LLC, and a dedicated institutional investor have entered into an agreement to invest up to $180 million in the development of horizontal and townhome BTR (build-to-rent) projects throughout the Southeast and beyond.
The agreement marks a significant milestone for EDEN Living, which was launched in February 2021 by experienced multifamily developers Jay Jacobson, Jay Massirman and Sergio Socolsky. EDEN Living recently announced the completion of a $22 million general partner equity raise through the Capital Advisors Single Family US 1 fund.
“This venture represents a strategic opportunity with two longstanding real estate investment groups,” said Jay Jacobson CEO of EDEN Living. “Our goal is to generate significant returns to our investors by creating dynamic, well-designed horizontal communities in very desirable neighborhoods within our target markets.”
The agreement with the investor will allow EDEN to expand its platform throughout Florida, the Carolinas, Tennessee and Utah. The first two projects will be developed in Jacksonville and West Melbourne, Florida. Additional sites in various stages of due diligence are located in suburban areas of Bradenton, Tampa, Orlando and Ocala, Florida.
EDEN Living’s mission is to redefine an underserved segment of the rental population by providing a lower density, private living experience to such renters.
The partnership will develop 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.
Horizontal apartments are built as single-story detached homes or two-story townhomes, with their own private entrances or backyards. In the EDEN Living model, the only exception is that many of the one-bedroom units are single-story duplexes sharing a center wall. Two and three-bedroom homes are detached, while mimicking the layout and square footage of a conventional apartment.
About EDEN Living:
EDEN Living is a partnership between EDEN Multifamily principals Jay Jacobson and Jay Massirman and America’s Capital Partners (ACP) Principal Sergio Socolsky. The partnership was formed to develop for rent, single-story detached horizontal apartment homes and two-story townhomes around the State of Florida and the Southeast, with future plans to expand the platform nationally. EDEN Living currently has two projects totaling approximately 750 units underway in Duval and Brevard counties. For more information on EDEN Living, visit http://www.edenliving.net.