EDEN Multifamily, Sterling Equities Form JV
A new joint venture with Sterling shares will help EDEN Multifamily expand its multi-family development and investment platform throughout the Southeast and plans for future growth across the United States.
The amount of funding for the joint venture was not disclosed, but EDEN’s existing pipeline for construction start-ups in 2022 totals over $750 million and is expected to exceed $1.2 billion by mid- 2023. According to Jay Jacobson, President, COO and Co-Founder of EDEN Multifamily with CEO Jay Massirman, these numbers represent planned groundbreaking work for walk-in communities, surface parking lots as well as properties of medium and high height.
In February 2021, Jacobson and Massirman with America’s Capital Partners Director Sergio Socolsky launched EDEN Living, a horizontal apartment development company to build single-family homes for rent. Jacobson said Multi-Accommodation News the Sterling Equities joint venture will focus on “traditional multi-family properties” and will not do single-family home-to-let developments.
Sterling Equities is the vertically integrated real estate investment, management and development company of the Katz and Wilpon families. The company makes investments and forms businesses in major urban markets which include residential, commercial and industrial properties. The company also makes strategic investments in sports and media-related businesses, including the New York Mets, SportsNet New York, Esports, and various real estate-focused equity and venture capital funds.
Sterling Equities has developed or invested in over 65,000 residential units over the past 50 years. Recent investments in South Florida include the purchase of Solmar on Sixth in Fort Lauderdale, Florida; 1333 South Ocean in Pompano Beach, Florida; and Midtown Five in Miami.
Todd Katz, a partner at Sterling Equities, said in a prepared statement that the firm’s multifamily investment thesis aligns perfectly with that of EDEN. He noted that the partnership stems from a long-standing relationship with Jacobson and Massirman and their respect for Team EDEN’s track record.
Massirman called the new partnership a key endorsement of what he and Jacobson have worked for since founding EDEN Multifamily in 2015. He added in prepared remarks that the joint venture positions EDEN to meet the need for multifamily housing in high growth markets on an even larger scale.
Jacobson said the partnership will allow EDEN to utilize Sterling’s extraordinary financial strength, experience and investment knowledge. Since 1972, Sterling Equities has directly, and through investment funds, acquired, developed or co-developed approximately 35.2 million square feet of real estate.
EDEN Multifamily’s immediate growth plans include opening a regional office in Charlotte, NC
“EDEN hopes to open the new Charlotte offices within the next 60 days and continue with additional market expansions as needed,” Jacobson said. MNH.
Regarding current and future development plans, he said EDEN Multifamily is “working on opportunities statewide in Florida, the Carolinas, Georgia, and Tennessee.”
Recent developments in Florida
To date, EDEN Multifamily developments are located in Central and South Florida. In March 2021, EDEN secured a $44.1 million first construction mortgage to build EDEN Crystal Lake, a 288-unit Class A garden-style property in Port Orange, Florida. The 19.5 acre community, located south of Daytona Beach, Florida. , has one, two and three bedroom apartments.
Also in the spring of 2021, CE Development Partners, a joint venture between EDEN Multifamily and Cypress Equity Investments, began construction of EDEN West, a 212-unit garden-style community on 6.2 acres in Tamarac, Florida. EDEN West has a mix of studio, one, two and three bedroom apartments in two four story buildings.