Partnership between Jay Jacobson, Jay Massirman and Sergio Socolsky unveil new platform, with several projects already in the pipeline
EDEN Multifamily principals Jay Jacobson and Jay Massirman and America’s Capital Partners (ACP) Principal Sergio Socolsky have teamed up to create EDEN Living, a new horizontal apartment development firm that leverages the partners’ 100-plus years of combined experience and unparalleled track record in the multifamily industry. EDEN Living already has several projects in the works in Florida and plans to eventually expand the platform nationally.
The mission of EDEN Living is to redefine an underserved segment of the rental population by providing a lower density, private living experience to such renters. EDEN Living will develop one-story living environments (and two-story townhomes in some locations) that provide enhanced privacy, exterior living space, courtyards and private landscaped backyards. Projects will include amenities that are on par with what is found in traditional Class A multifamily communities.
Horizontal apartments are built as single-story detached homes or two-story townhomes, with their own private entrances or backyards. In the EDEN Living model, the only exception is that many of the one-bedroom units are single-story duplexes sharing a center wall. Two and three-bedroom homes are detached, while mimicking the layout and square footage of a conventional apartment.
“We believe this concept has widespread appeal to every population segment around the country,” Jacobson said. “It accommodates the rental markets desire for space and privacy, without sacrificing the amenities and ease of lifestyle apartment renters are accustomed to. We have found that renters desire direct access to private outdoor spaces and our horizontal living experience provides just that.”
EDEN Living is working on initial developments in Miami-Dade, Duval and Brevard counties evidencing approximately 1,100 units. High-priority target markets include South Florida, Orlando, the Florida Space Coast, Tampa, Southwest Florida and Jacksonville. Beyond Florida, the firm is focused on the Atlanta, Charlotte, Memphis, Nashville and Knoxville markets.
“Our team will follow the positive population and employment growth trends and zero in on those areas,” Socolsky said. “Horizontal apartments are an ideal option for young families that are not yet in a position to own but want a suburban location with a yard for their kids and pets.”
To date, EDEN Living has generated and committed $22 million in general partner equity, which positions the firm to raise institutional capital.
“From an investor standpoint, the return potential is quite strong because we are taking advantage of significantly lower construction costs to build the horizontal apartments while still attaining about 12 to 16 units per acre,” Massirman said. “And while every submarket is different, we anticipate being able to rent our apartments at a premium over traditional multifamily units.”
EDEN Living affiliate RKW Residential, a multifamily property management firm with nearly 25,000 units under management across six states, will oversee management and leasing at the firm’s developments.
About EDEN Living:
EDEN Living is a partnership between EDEN Multifamily principals Jay Jacobson and Jay Massirman and America’s Capital Partners (ACP) Principal Sergio Socolsky. The partnership was formed to develop for rent, single-story detached horizontal apartment homes and two-story townhomes around the State of Florida, with future plans to expand the platform nationally. EDEN Living has three projects totaling approximately 1,000 units underway in Miami-Dade, Duval and Brevard counties. For more information on EDEN Living, visit http://www.edenliving.net.
