Joint venture equity secured for build-to-rent development in Florida
JLL Capital Markets arranged joint venture equity for EDEN at Tradition, a 214-unit build-to-rent development project located in Port St. Lucie, Florida
MIAMI, June 5, 2023 – JLL Capital Markets announced today that it has arranged the joint venture equity for EDEN at Tradition, a 214-unit build-to-rent development project located in Port St. Lucie, one of the fastest growing MSA’s in the United States. The project is a part of the 8,300-acre master-planned development of Tradition, which includes office, retail, single-family, multi-housing, hospitality and medical uses.
JLL worked on behalf of EDEN Living to secure the joint venture equity.
With an estimated completion of 2025, the project will feature two and three-bedroom townhome units with attached garages and private backyards. Community amenities will include a clubhouse, dog park, playground, a lake, and walking paths.
The property is located within the Tradition master-planned community, 35 minutes from popular beaches, 45 minutes from West Palm Beach and less than two hours from Orlando. Major nearby employers include Cleveland Clinic, HCA Hospital, FedEx, Cheney Brother and Teleperformance.
Tradition offers residents 300 acres of parks, private schools, a Cleveland Clinic, a town center, and a plethora of shopping and dining options.
The JLL Capital Markets team was led by Senior Director Max La Cava, Director Kenny Cutler and Analyst Shane Ciacci.
“The fundamental performance of the build-to-rent sector in Florida, coupled with explosive population growth in Port St. Lucie, make EDEN at Tradition one of the most exciting build-to-rent projects in the Treasure Coast,” said La Cava. “With living costs soaring in South Florida, Port St. Lucie and more specifically, Tradition, have become an exceptional living option for residents seeking the benefits of West Palm Beach living without the elevated costs.”
“We are thrilled to bring EDEN at Tradition to Port St. Lucie, particularly to Tradition, which is one of the top-selling master-planned communities in the country,” said Marc Chasin, Vice President at EDEN Living. “It was an absolute pleasure to work with JLL, who provided us unique visibility into the capital markets and played a key role in helping us structure this transaction.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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 and the Southeast, with future plans to expand the platform nationally. For more information on EDEN Living, visit http://www.edenliving.com.