Fort Lauderdale, Fla.—Stiles announced that Jay Jacobson has joined the company as president of Stiles Residential Group, its residential development and investment services division. Jacobson is responsible for managing the day-to-day operations of the division and developing new business opportunities with a primary goal to expand Stiles’ residential presence throughout Florida, North Carolina and beyond. He is based out of Stiles’ Fort Lauderdale corporate office, where he assumed his new position in March 2013.
While Stiles has recently intensified its interest in growing its multifamily platform due to market demand and new trends in the real estate industry, the company has a long history in developing this product type. According to Eagon, Stiles’ residential portfolio dates back to 2000. The company developed five successful multifamily projects and has several others underway. These include:
- One Plantation, a 321-unit luxury high-rise apartment community in Plantation, Fla. completed in June 2013 and currently enjoying a very successful lease-up;
- Centra, a 198-unit townhome community in Boca Raton, Fla. completed in 2011;
- Vista Royale, a multifamily project comprised of eight luxury waterfront villas in Naples, Fla. that was completed in 2007;
- 350 Las Olas Place, a 163-unit, 30-story condominium in downtown Fort Lauderdale, Fla. completed in 2005;
- Sunrise Harbor, a 368-unit luxury apartment and marina project in Fort Lauderdale, Fla. completed in 2000; and
- Laurel Street Apartments, a 312-unit, 23-story high-rise luxury apartment building in Nashville, Tenn. that is currently under construction.
Leveraging Stiles’ existing property pipeline and relationships with partners, investors and financial institutions, Jacobson will focus his initial efforts on developing multifamily properties throughout South Florida – from Palm Beach to Broward and Miami Dade Counties. The company’s residential strategy is based on investing in urban infill areas and key submarkets that are located near vibrant commercial zones and mass transit nodes. These areas include Fort Lauderdale, metro Miami, southern Palm Beach County, Plantation, Sunrise and the I-95 corridor.
Spanning a 25-year multifamily development and investment career, Jacobson served since 2004 as partner in charge of the South Florida division and as National acquisitions Partner at Wood Partners, one of the Nation’s largest multifamily companies. At Wood Partners he developed and acquired a portfolio of properties totaling approximately 6500 units, which represents an investment of well over $700 million. Prior to that role, Jacobson served as the director of multifamily investments and senior vice president of Archon Group L.P. (the real estate investment management division of Goldman Sachs), and as managing director of Archstone Communities Trust.
Jacobson graduated from the University of Florida with a bachelor’s in Architectural Design and then received a master’s in Architecture from the University of Colorado. He is a member of the executive committee and the board of directors of the National Multifamily Housing Council and a member of the ULI Multifamily Blue Council.