Leaders from EDEN Multifamily and America’s Capital Partners (ACP) have launched EDEN Living, a new horizontal apartment development firm. The new firm leverages a strong track record and 100-plus years of combined experience for the partners—EDEN Multifamily principals Jay Jacobson and Jay Massirman and ACP principal Sergio Socolsky.
EDEN Living’s mission is to redefine an underserved segment of the renter population by providing a lower-density, private living experience. The development firm will create one-story living environments, as well as two-story townhome in some locations, that provide enhanced privacy and exterior living space, such as courtyards and private landscaped backyards. Amenities will be on par with those in traditional Class A communities.
While horizontal apartments are built as single-story detached homes or two-story townhomes with private entrances or backyards, the only exception for the EDEN Living model with be that many one-bedroom units will be single-story duplexes sharing a center wall, according to the firm. Two- and three-bedroom homes will be detached, while replicating the layout and square footage of a conventional apartment.
“We believe this concept has widespread appeal to every population segment around the country,” said Jacobson. “It accommodates the rental market’s desire for space and privacy, without sacrificing the amenities and ease of lifestyle apartments renters are accustomed to. We have found that renters desire direct access to private outdoor spaces, and our horizontal living experience provides just that.”
Socolsky added that horizontal apartments are ideal for young families that are not yet in a position to own but want to live in a suburban locale with a yard for their children and pets.
To date, the firm has generated and committed $22 million in general partner equity, which allows it to raise institutional capital. It is working on three initial developments in Florida’s Brevard, Duval, and Miami-Dade counties with approximately 1,000 units underway.
High-priority Florida markets for EDEN Living include South Florida, Orlando, the Space Coast, Tampa, Jacksonville, and Southwest Florida. It also has future plans to expand the platform nationally and is focused on Atlanta; Charlotte, North Carolina; and Knoxville, Memphis, and Nashville, Tennessee.
“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,” said Massirman. “And while every submarket is different, we anticipate being able to rent our apartments at a premium over traditional multifamily units.”
RKW Residential will oversee management and leasing at the firm’s developments.