CE Development Partners Break Ground on Florida Project
- Apr 07, 2021
Construction is underway on EDEN West, a garden-style, Class A development from CE Development Partners in Tamarac, Fla. The 212-unit community is being constructed on a 6.2-acre parcel at West McNab and North Pine Island Roads.
CE Development Partners is a joint venture between EDEN Multifamily and Cypress Equity Investments. The JV obtained a $23.7 million senior construction loan from Wells Fargo on April 2, 2012, for the project. CE Development Partners expects to complete the development’s construction in the third quarter of next year.
EDEN West will feature a blend of studio, one-, two- and three-bedroom apartment homes within two four-story buildings.
Apartments will extend in size from 598 to 1,388 square feet. Features and finishes will include quartz countertops, GE stainless steel Energy Star appliances, floor-to-ceiling sliding glass doors, full-size washer-dryers and private balconies. A centrally-located clubhouse with 24-hour fitness center will be among prominent amenities.
“The Broward County market continues to grow,” Jay Jacobson, president of EDEN Multifamily, told Multi-Housing News. “Rents have stabilized and are growing. And there are very limited opportunities to develop infill surface-parked communities.”
Jacobson added the company has owned the property for about 18 months. “The city of Tamarac was extraordinarily supportive in granting the requisite approvals,” he said. “The biggest struggle was dealing with the delays in the general economy due to COVID. But our financial partners stuck with us and the project. Construction cost increases over the past six to nine months did not help either. We just had to think a little more efficiently to enable us to get to a construction start.”
Two months ago, Jacobson founded single-family rental company EDEN Living.
EDEN West will stand within 4 miles of a substantial job center. That employment hub includes major companies and organizations like Convergys, KSM Electronics, Magic Leap, University Hospital & Medical Center and City Furniture.
Close to 38 million square feet of office space exists within a 20-mile radius of the property. The MSA boasts a 95 percent apartment occupancy rate, as well as a consistently-expanding population.