Partnership with renowned New York-based real estate company enables Miami-based developer to significantly expand project and investment pipeline
MIAMI, FL – Leading developer EDEN Multifamily has formed a joint venture with Sterling Equities, a major real estate investment, management and development company. The new partnership positions EDEN, founded by industry veterans Jay Jacobson and Jay Massirman, to expand its multifamily development and investment platform throughout the Southeast U.S.
The partnership enhances EDEN’s ability to expand its successful platform across its current markets, with future expansion plans throughout select U.S. markets.
Headquartered in Miami with a regional office set to open in Charlotte, EDEN focuses on developing and delivering innovative, industry leading multifamily communities that serve a wide range of economic sectors.
Sterling Equities is the vertically integrated real estate investment, management and development company of the New York-based Katz & Wilpon families. The company focuses on investments and ventures throughout major urban markets in the U.S. that include residential, commercial and industrial properties, along with strategic investments in sports and media related ventures, including the New York Mets, SportsNet New York, Esports and various real estate-focused equity and VC funds.
“This exciting partnership with Sterling Equities will allow EDEN to continue our unparalleled growth in a thoughtful fashion, drawing upon Sterling’s 60-year history of investing in – and developing – residential, commercial and industrial properties throughout the country,” Jacobson said. “The partnership will utilize Sterling’s extraordinary financial strength, investment experience and knowledge.”
EDEN’s existing pipeline of 2022 construction starts totals more than $750 million and is expected to exceed $1.2 billion by mid-2023, reflecting scheduled groundbreakings of surface-parked, mid-rise and high-rise communities during that timeframe.
“Partnering with Sterling Equities is a pivotal endorsement of everything Jay and I have worked on over the last seven years,” Massirman said. “It also puts us in position to address the glaring need for multifamily housing solutions in high-growth markets at an even greater scale.”
Sterling Equities has developed or invested in more than 65,000 residential units over the past half-century. The company is actively acquiring and developing multifamily communities, including in South Florida where it recently purchased Solmar on Sixth in Fort Lauderdale, 1333 South Ocean in Pompano Beach and Midtown Five in Miami.
“This partnership is the product of a long-term relationship with Jay Jacobson and Jay Massirman and our respect for their impeccable track record,” Sterling Equities Partner Todd Katz said. “Our multifamily investment thesis matches up seamlessly with EDEN’s. We are excited to leverage our integrated platform and relationships for the benefit of this new partnership.”
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 1,130 units throughout central and South Florida. For more information, visit www.edenmultifamily.com.
About Sterling Equities: Sterling Equities is a fully integrated real estate operating company with a long track record of creating value. Since 1972, Sterling Equities has successfully performed every role in the real estate value chain: developer, owner, investor, construction manager, advisor, borrower, joint-venture partner and fund operator. This broad diversity of experience has enabled Sterling Equities to build specialized, yet complementary, skill sets that make the entire organization more effective. Sterling Equities, directly and through its investment funds, has acquired, developed or co-developed approximately 35.2 million square feet of real estate. For more information, visit www.sterlingequities.com.