Eden Multifamily, in partnership with Cypress Equity Investments, has successfully sold its newly developed 212-unit garden-style apartment property in Tamarac, Florida, for $73 million. The transaction, which closed on October 31st, saw the property acquired by 8601 West McNab. The sale occurred ahead of schedule, highlighting strong investor interest in the South Florida multifamily market.
Key Takeaways
- Eden Multifamily sold its 212-unit garden-style property in Tamarac, Florida, for $73 million.
- The sale to 8601 West McNab occurred ahead of the original schedule.
- Strong investor demand for new apartment properties in South Florida was a key factor.
- The property, Eden West, was experiencing brisk leasing activity at the time of sale.
Swift Sale Driven by Market Demand
Eden Multifamily and its joint venture partner, Cypress Equity Investments, found a buyer for their recently completed 212-unit garden-style property in Tamarac, Florida, sooner than anticipated. The sale to 8601 West McNab for $73 million was finalized on October 31st. According to Eden President and Chief Operating Officer Jay Jacobson, the sale was "a few months earlier than we had originally expected."
Jacobson noted that the property was sold without a broad marketing campaign, instead targeting a select group of investors interested in a pre-stabilized asset in western Broward County. This approach was successful due to the robust investor demand for brand-new apartment properties in the South Florida region. At the time of the sale, the asset was experiencing "brisk leasing activity and nearing stabilization."
Eden West Property Features
The Eden West property offers a variety of apartment layouts, including studio, one-, two-, and three-bedroom units. These residences range in size from 598 to 1,388 square feet. The development boasts a comprehensive suite of amenities designed to appeal to modern residents. These include a saltwater pool, a state-of-the-art fitness center, and a landscaped outdoor area equipped with fitness equipment. Additionally, residents can enjoy a club room and lounge featuring coworking spaces, convenient electric car charging stations, and ample open surface parking with 300 spaces.
Eden Multifamily’s Development Pipeline
Eden Multifamily continues to expand its presence in Florida, with nearly 1,200 units currently under construction and an additional 3,000 units in the development pipeline. The company has already divested two properties this year and anticipates putting one or two more properties on the market in 2024. Jacobson indicated that the company is strategically managing its sales decisions based on the evolving investment market conditions, emphasizing that there is no pressure to sell assets prematurely.
Sources
- Eden sells new Florida property for $73M, Multifamily Dive.