Industry Execs Launch SFR Company
Jay Jacobson and Jay Massirman of EDEN Multifamily, along with Sergio Socolsky of America's Capital Partners have formed EDEN Living, a horizontal apartment development firm.
EDEN Multifamily’s Principals Jay Jacobson and Jay Massirman, along with America’s Capital Partners Principal Sergio Socolsky, have joined forces to launch EDEN Living, a new horizontal apartment development firm aimed to provide lower-density, private living experiences to an underserved segment of renters. The company will develop horizontal apartments, which are single-story detached homes offering exterior living space, courtyards, private landscaped backyards and enhanced privacy. The company will also develop two-story townhomes in some locations.
The two-and three-bedroom homes will mimic the layout and square footage of a conventional apartment. The developments will also provide amenities similar to those found in traditional Class A projects. EDEN Living is working on its first developments in Miami-Dade, Duval and Brevard Counties. It is giving high-priority to future markets of South Florida, Orlando, the Space Coast, Tampa, Southwest Florida and Jacksonville.
After developing in Florida markets, EDEN Living intends to create communities in Charlotte, Atlanta, Memphis, Knoxville and Nashville. The company has generated and committed $22 million in general partner equity, positioning the firm to raise institutional capital. Return potential is strong due to the substantially reduced costs of constructing horizontal apartments, while featuring 12 to 16 units per acre. In addition, the partners expect to be able to rent residential units for more than traditional apartments.
“We define horizontal living as the ability to offer a low-density, more private living experience to renters than they would typically find in a more traditional apartment setting,” Jacobson told Multi-Housing News. “The product is designed as free-standing one-story apartments, windows and light coming in from all four elevations, private entrances, no sharing of breezeways or stairs or elevators, no one above you, below you or next door to you and most importantly each apartment has a fenced-in backyard for direct access to the outdoors. All of these are significant components of what a large segment of the renter population is looking for.”
Last week, the increasing popularity of single-family home rentals was cited as an emerging trend in the rental market at MBA’s CREF Conference.
EDEN Living‘s use of very efficient designs, its utilization of repeat plans and its ability to spec readily available local materials and products have helped it meet the challenge of rising labor costs and supply chain issues in materials and equipment, he added.