A joint venture between EDEN Living and an investment fund managed by Morgan Stanley Real Estate Investing has acquired a development site in West Melbourne, Fla., to construct a 373-unit horizontal build-to-rent multifamily property. Synovus Bank provided construction financing.
The community will be built as single-story detached homes or two-story townhomes. Each home will have its own private entrance or backyard, while a number of one-bedroom units will be single-story duplexes sharing a center wall. Two- and three-bedroom units will be detached and imitating the layout and size of a conventional apartment. Community amenities are slated to include a fitness center, club room, pool and dog park. Walking trails will also be available.
Located at the intersection of the recently completed St. Johns Heritage Parkway and a newly constructed Interstate 95 exit, the community will be some 13 miles south of Palm Bay and some 7 miles north of St. Sebastian River Preserve State Park.
In October last year, the joint venture broke ground on its first build-to-rent project in Florida, the 265-unit Eden Arlingwood in Jacksonville. This project is slated for delivery within the next two years.