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.

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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.

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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.

Partnership between Jay Jacobson, Jay Massirman and Sergio Socolsky unveil new platform, with several projects already in the pipeline 

MIAMI, FL – Feb. 8, 2021 – EDEN Multifamily principals Jay Jacobson and Jay Massirman and America’s Capital Partners (ACP) Principal Sergio Socolsky have teamed up to create EDEN Living, a new horizontal apartment development firm that leverages the partners’ 100-plus years of combined experience and unparalleled track record in the multifamily industry. EDEN Living already has several projects in the works in Florida and plans to eventually expand the platform nationally. 

The mission of EDEN Living is to redefine an underserved segment of the rental population by providing a lower density, private living experience to such renters. EDEN Living 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. 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. 

“We believe this concept has widespread appeal to every population segment around the country,” Jacobson said. “It accommodates the rental markets desire for space and privacy, without sacrificing the amenities and ease of lifestyle apartment renters are accustomed to. We have found that renters desire direct access to private outdoor spaces and our horizontal living experience provides just that.” 

EDEN Living is working on initial developments in Miami-Dade, Duval and Brevard counties evidencing approximately 1,100 units. High-priority target markets include South Florida, Orlando, the Florida Space Coast, Tampa, Southwest Florida and Jacksonville. Beyond Florida, the firm is focused on the Atlanta, Charlotte, Memphis, Nashville and Knoxville markets. 

“Our team will follow the positive population and employment growth trends and zero in on those areas,” Socolsky said. “Horizontal apartments are an ideal option for young families that are not yet in a position to own but want a suburban location with a yard for their kids and pets.”

To date, EDEN Living has generated and committed $22 million in general partner equity, which positions the firm to raise institutional capital. 

“From an investor standpoint, the return potential is quite strong because we are taking advantage of significantly lower construction costs to build the horizontal apartments while still attaining about 12 to 16 units per acre,” Massirman said. “And while every submarket is different, we anticipate being able to rent our apartments at a premium over traditional multifamily units.” 

EDEN Living affiliate RKW Residential, a multifamily property management firm with nearly 25,000 units under management across six states, will oversee management and leasing at the firm’s developments. 

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, with future plans to expand the platform nationally. EDEN Living has three projects totaling approximately 1,000 units underway in Miami-Dade, Duval and Brevard counties. For more information on EDEN Living, visit http://www.edenliving.net

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/.

A joint venture between leading Miami-based developers EDEN Multifamily, founded by industry veterans Jay Massirman and Jay Jacobson, and Ghitis Property Company (GPC), led by former Trammel Crow Company Partner Leo Ghitis, have announced plans to build high-end apartment community EDEN Crystal Lake in Port Orange – a growing city near Daytona Beach. The development team recently received site plan approval for its intended use.

The venture intends to build 288 garden-style apartments with substantial amenities on 19.5 acres at the 1270 Reed Canal Road site. MSA Architects is the project’s architect.

Groundbreaking for EDEN Crystal Lake is expected in June 2019.

Planned community amenities include a clubhouse, resort-style swimming pool, outdoor lounge, state-of-the-art fitness center, frontage along a 38-acre lake, dog park with grooming stations and an extensive lakefront boardwalk.

The venture has secured all of the necessary capital for the development.

“It is exciting to embark on this project with Ghitis Property Company, a developer with an impeccable track record and industry reputation,” said Jay Jacobson, president of EDEN. “Everyone involved is bullish about the location of the project site and upside of the Port Orange submarket.”

The EDEN Crystal Lake site is located within four miles of Daytona Beach, the Daytona International Speedway, Daytona Beach International Airport and LPGA headquarters. It is also in close proximity to the I-95 and I-4 highways, major retail and dining, three post-secondary educational institutions and more than 72,000 healthcare industry employees.

“In researching Port Orange and the Daytona MSA, we saw an opportunity to accommodate the pent-up demand for brand-new, Class A apartment product,” said Jonathan Ghitis, principal at Ghitis Property Company. “We are thrilled to partner with Jay Massirman, Jay Jacobson and the team at EDEN Multifamily and look forward to a successful venture.”