Trending Multifamily News
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.
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.
Developer obtains construction financing for 288-unit EDEN Crystal Lake project in rapidly growing city
MIAMI and PORT ORANGE, FL – March 11, 2021 – Leading developer EDEN Multifamily, founded by industry veterans Jay Massirman and Jay Jacobson, started construction on EDEN Crystal Lake in Port Orange – a growing city near Daytona Beach. EDEN is building 288 Class A, garden-style apartments in the burgeoning suburban area.
EDEN secured $45.33 million in construction financing from private real estate lender Trez Capital for the project. The transaction closed on March 5, 2021.
Located on 19.5 acres at 1270 Reed Canal Road, EDEN Crystal Lake will have a mix of one, two and three-bedroom apartments with 9-foot ceiling heights, granite countertops, high-end appliances, walk-in closets and balconies/patios in three-story buildings. Planned amenities include a clubhouse, resort-style pool, state-of-the-art fitness center, lakefront boardwalk, dog park with a grooming station, expansive lawn areas and detached garages.
The EDEN Crystal Lake site is located within four miles of the pristine beaches of Daytona Beach, the Daytona International Speedway, Daytona Beach International Airport and LPGA headquarters. It is also near the I-95 and I-4 highways, major retail and dining, three post-secondary educational institutions and more than 72,000 healthcare industry employees. The nearby Embry-Riddle Aeronautical University is the No. 1 aeronautical engineering school in the world and the nation’s top aviation school.
Construction of EDEN Crystal Lake is scheduled for completion in mid-2022.
“Port Orange and the Daytona MSA fit perfectly with our broader strategy to target fast-growing employment centers that are underserved when it comes to Class A apartment options,” Jacobson said. “It is emerging as a convenient alternative to more dense and overpopulated Florida markets with an unparalleled quality of life.”
The Daytona MSA is projected to experience $3.96 billion in economic growth between 2020 and 2025, with a forecast of more than 39,400 new residents and 25,130 new jobs created.
IP Investment Management is an equity partner in EDEN Crystal Lake. The privately held real estate investment company is based in Singapore, with an expanding portfolio of U.S. multifamily assets.
MSA Architects is EDEN Crystal Lake’s architect. Summit Contracting Group is the general contractor for the project.
Cushman & Wakefield arranged the construction financing on behalf of EDEN.
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 750 units throughout central and South Florida. For more information, visit www.edenmultifamily.com.
About IP Investment Management: IP Investment Management ('IPIM') is a real estate investment manager focused on delivering returns for investors through its value-add and opportunistic private equity real estate funds. The Company sources investments in developed markets (UK, Europe, US, Australia) with a strong focus in student accommodation, PRS/multifamily, and hospitality. IP Investment Management (HK) Ltd is licensed by the Hong Kong Securities and Futures Commission for Type 4 (Advising on Securities) and 9 regulated activity (Asset Management) and its investments are only available to Professional Investors.IP Investment Management Pte. Ltd. is a Licensed Fund Management Company, holding a Capital Markets Service licence in fund management issued by the Monetary Authority of Singapore, and its investments are only available to Accredited Investors. For more information, visit www.ip-im.com/.
About Trez Capital: Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, high-yield mortgage investment funds, and provides property developers and owners with quick approvals on flexible short- to mid-term financing.
With offices in Vancouver, Toronto, Dallas, Palm Beach, New York and Montreal, Trez Capital has over $4.1 billion in assets under management and has funded over 1,500 transactions totaling more than $12 billion since inception. For more information, visit www.trezcapital.com.
About Summit Contracting Group: Since its founding, Summit has built over 100,000 multifamily units across the nation. Its vast experience and success is about more than just production. It’s about a commitment to excellence, unparalleled customer service and no-nonsense approach to its work. Marc Padgett leads Summit as President, and his years of experience at each level of construction management have shaped his expertise. Summit’s project teams are also led by Division Managers that represent the best multifamily professionals the industry has to offer. For more information, visit www.summit-contracting.com.
Leading developer Eden Multifamily recently joined City of North Miami Beach officials to celebrate the unveiling of the city’s new public art installation. Two 16-foot-tall hot pink flamingo statues are now stationed along Snake Creek Canal in the park behind Lazul, Eden’s luxury 349-unit apartment building.
EDEN Multifamily president and CEO Jay Jacobson joined North Miami Beach Mayor Anthony DeFillipo, City Manager Esmond Scott, CRA Director Patrick Brett and several city commissioners to celebrate the completed sculptures, which were installed by EDEN as part of the North Miami Beach CRA’s incentive program. The sculptures were created by world-renowned artist Fredrick Prescott of Santa Fe New Mexico.
“We are thrilled to continue our role in the evolution of North Miami Beach and its town center,” said Jacobson. “We hope these statues add beauty and prominence to this emerging neighborhood. Too often art in public places installations consist of fairly non-descript pieces that do little to enhance public participation in the intended community spaces they are designed to enhance. Since the open public park area behind Lazul was designed to enhance the frontage along the Snake Creek, we decided to commission pieces that would become a gathering place and focal point for both local residents and the public in general. The statues have already become famous in their own right with people stopping and taking selfies. In fact, the statues have their own Instagram hashtag.”
Lazul represents a significant milestone for the City of North Miami Beach, which is experiencing a renaissance following the 2015 completion of the City’s Mixed-Use Town Center zoning district.
The building includes studio, one-, two- and three-bedroom apartments, two-story townhomes, an eight-story parking garage and ground-floor commercial space. Building amenities include an inner courtyard with a heated pool, an elevated sundeck seating area with a firepit, community rooms, automated package delivery system, a state-of-the-art fitness center with a yoga/spin room and a dog walk and grooming area.
Prior to the completion of the art installation, EDEN had enhanced the public greenspace along the Snake Creek Canal with extensive landscaping, public seating, and a walking path/bikeway.
For more information about Lazul and leasing opportunities, visit https://livelazul.com.
Leading developer EDEN Multifamily, founded by industry veterans Jay Massirman and Jay Jacobson, has announced the promotion of real estate professionals Jerry Aguirre and Santiago Vidal to Vice Presidents of Development.
Aguirre joined EDEN in January 2018 as a development associate, focusing on sourcing and identifying acquisition opportunities, project underwriting, target market research and data analytics. He has been working in real estate for more than eight years, starting in sales for a tract developer before taking on analyst roles.
Aguirre graduated from Bentley University with a bachelor’s degree in Finance and earned a master’s degree in Entrepreneurial Leadership from Babson University.
Vidal joined EDEN in July 2017. He has more than a decade of industry experience, previously developing residential projects in Ecuador. Vidal has a Bachelor of Architectural Design degree from the Universidad San Francisco de Quito and two master’s degrees: one in Real Estate Development and Urbanism from the University of Miami and the other in Residential Development from the Universidad de Madrid/USFQ.
For more information on EDEN Multifamily, visit http://www.edenmultifamily.com/.