EDEN Living Starts Construction on Jacksonville Build-to-Rent Development
EDEN Living, the development partnership of EDEN Living Development Partners, has begun construction on its first development. The 265-unit project, Eden Arlingwood in Jacksonville, FL, is also the initial development of the recently formed venture between EDEN Living and an investment fund managed by Morgan Stanley Real Estate Investing.
EDEN Living acquired the $8-million, 20-acre project site and secured a capital commitment from the MSREI-managed fund for the development. EDEN Living has an agreement with MSREI to invest up to $180 million in its developments and a $22-million general partner equity raise through the Capital Advisors Single Family US 1 fund.
The mission of EDEN Living is to redefine an underserved segment of the rental population.
Eden Arlingwood will consist of 189 single-story, cluster apartment homes and 76 two-story townhomes. The one-, two- and three-bedroom units range in size from a 700 to 1,300 square feet, and each has a private backyard.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.