EDEN Multifamily has formed a joint venture with New York-based Sterling Equities to expand its multifamily development and investment platform throughout the Southeast.
According to EDEN, the partnership will enhance its ability to grow in its current markets as well as expand throughout select markets in the future. The developer, which is based in Miami and has a regional office set to open in Charlotte, North Carolina, focuses on delivering multifamily communities to a range of households.
Sterling Equities is the vertically integrated real estate investment, management, and development company from the Katz and Wilpon families, which focuses on ventures throughout major urban markets that include residential, commercial, and industrial properties along with sports and media-related strategic investments.
“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,” said EDEN co-founder, president, and chief operating officer Jay Jacobson. “The partnership will utilize Sterling’s extraordinary financial strength, investment experience, and knowledge.”
EDEN’s construction start pipeline for 2022 totals over $750 million and is expected to exceed $1.2 billion by mid-2023, with groundbreakings of surface-parked, mid-rise, and high-rise communities scheduled during that timeframe.
Sterling Equities has developed or invested in over 65,000 residential units over the past 50 years. It is actively involved in multifamily, recently acquiring several communities in South Florida, including 1333 South Ocean in Pompano Beach, Midtown Five in Miami, and Solmar on Sixth in Fort Lauderdale.
“This partnership is the product of a long-term relationship with Jay Jacobson and Jay Massirman and our respect for their impeccable track record,” said Sterling Equities partner Todd Katz. “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.”
Massirman, EDEN co-founder and CEO, added, “Partnering with Sterling Equities is a pivotal endorsement of everything Jay and I have worked on over the last seven years. It also puts us in position to address the glaring need for multifamily housing solutions in high-growth markets at an even greater scale.”