JACKSONVILLE, FL - EDEN Living, the development partnership of EDEN Living Development Partners LLC with the mission to redefine an underserved segment of the rental population, began construction on its first development. The 265-unit project in Jacksonville, Eden Arlingwood, is also the initial development of the recently formed venture between EDEN Living and an investment fund managed by Morgan Stanley Real Estate Investing (“MSREI”).
EDEN Living completed the $8 million acquisition of the 20-acre project site, located on the northwest corner of Southside Connect and Treadinick Parkway. It also secured a capital commitment from a MSREI-managed fund for the development.
The 265 units will consist of 189 single-story, cluster apartment homes and 76 two-story townhomes. Each unit has a private backyard, with the townhomes also including private garages. The one, two and three-bedroom units range in size from approximately 700 to 1,300 square feet.
Community features include a fully amenitized clubhouse with a fitness center, pool, park areas, walking trails and club room. EDEN Living expects to complete construction within 24 months.
“Starting construction on our first development is a significant milestone so soon after launching EDEN Living and forming the venture with MSREI,” said Jay Jacobson, CEO of EDEN Living. “This project will showcase our vision to create dynamic, well-designed horizontal communities in very desirable neighborhoods throughout Florida and the Southeast U.S.”
Jacobson and fellow experienced multifamily developers Jay Massirman and Sergio Socolsky formed EDEN Living in February 2021. This summer, EDEN Living finalized an agreement with MSREI to invest up to $180 million in its developments. EDEN Living has also secured a $22 million general partner equity raise through the Capital Advisors Single Family US 1 fund.
EDEN Living has another 500 units in the approval process throughout Florida and is pursuing additional development sites across the Southeast.
The venture 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.
EDEN Living is actively seeking new development sites between 10 and 30 acres throughout its target markets. For direct inquiries, contact EDEN Living Director of Land Acquisition Jacky Sasson at firstname.lastname@example.org.
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. For more information on EDEN Living, visit www.edenliving.net
About Morgan Stanley Real Estate Investing: Morgan Stanley Real Estate Investing (“MSREI”) is the global private real estate investment management business of Morgan Stanley. One of the most active property investors in the world for three decades, MSREI employs a patient, disciplined approach through global value-add / opportunistic and regional core real estate investment strategies. With 17 offices throughout the U.S., Europe and Asia, regional teams of dedicated real estate professionals combine a unique global perspective with local presence and significant transaction execution expertise. As of June 30, 2021, MSREI manages $47 billion of gross real estate assets worldwide on behalf of its clients.