EDEN Living Secures $180M to Build Southeast Communities
- Jun 25, 2021
EDEN Living’s strategy of building horizontal communities across the southeastern U.S. has attracted institutional investment. The new development firm has secured a commitment of as much as $180 million for projects that emphasize more privacy and outdoor space.
EDEN Living will use the funding from an as-yet undisclosed investor to build horizontal and townhome build-to-rent projects in Florida, Tennessee, North Carolina, South Carolina and Utah. Jay Jacobson, the firm’s CEO, said in prepared remarks that the company’s goal is create these communities in attractive neighborhoods within its target markets.
The projects will mostly comprise single-story homes, along with two-story townhomes in some locations. According to EDEN Living, amenities will be on par with Class A communities. Designs will emphasize privacy, outdoor living areas, courtyards and private backyards.
EDEN Living is has selected Jacksonville and West Melbourne, Fla., for its first two projects. Overall, the developer is looking for development sites between 10 and 30 acres in size. Due diligence is under way for sites in suburban areas of Florida cities like Bradenton, Tampa, Orlando and Ocala.
EDEN LIVING’S ROADMAP
EDEN Living was launched in February 2021 by developers Jay Jacobson, Jay Massirman and Sergio Socolsky with the goal of providing a private, lower-density living experience to an underserved segment of the rental market. Since its launch, EDEN Living has completed a $22 million general partner equity raise through the Capital Advisors Single Family U.S. 1 Fund.
The company’s initial strategy is to develop horizontal single-story apartments as well as some two-story townhomes, primarily in major Florida markets. Once established in that state, EDEN Living would look towards markets like Atlanta; Charlotte, N.C.; Knoxville, Tenn.; and Memphis, Tenn.