CE Development Partners Begins Construction of New 212-Unit Multifamily Development in Growing South Florida Market of Tamarac
TAMARAC, FL – CE Development Partners, a joint venture between leading developers EDEN Multifamily and Cypress Equity Investments (CEI), has started construction on EDEN West in Tamarac, Florida. The 212-unit Class A project fills a void for brand new garden-style apartment products in the growing South Florida sub-market.
The company received a $ 23.66 million senior home loan for the project from Wells Fargo on April 2, 2021.
EDEN West is being built on 6.22 acres on West McNab and North Pine Island roads.
“Our company loved this development opportunity because of the location’s excellent proximity to major transportation corridors, major retail stores and tens of thousands of job opportunities,” said EDEN President Jay Jacobson. “We look forward to bringing a new Class A apartment product to the growing city of Tamarac.”
Michael Sorochinsky, CEO of Cypress Equity Investments, added, “Parking on lower density surfaces is extremely rare in Broward County. In fact, this community is being developed on the site of an empty, run-down retail center and commercial building. “
MSA Architects is the architect of EDEN West. The ANF Group is the general contractor for the project.
CE Development expects construction to be completed in the third quarter of 2022.
EDEN West will offer a mix of studio, one-, two- and three-bedroom apartments ranging in size from 598 to 1,388 square feet in two 4-story buildings. Indoor unit features include white quartz countertops in kitchens and bedrooms. GE Energy Star devices made of stainless steel; floor to ceiling sliding glass doors; energy efficient full size washer and dryer; Wooden floorboards in kitchens and living rooms; and private balconies.
The project will also have a centrally located clubhouse with a 24-hour fitness center that will allow Fitness on Demand ™ streaming. Yoga / group exercise studio; Club room and lounge with TV and coffee bar; Executive e-lounge; Conference room; heated salt water pool; Sundeck courtyard with shaded cabanas; and a porch with an outside kitchen and gas grill. Additional amenities include charging stations for electric cars and a community dog spa.
EDEN West is located within four miles of major employers such as Magic Leap, Convergys, KSM Electronics, the University Hospital & Medical Center and City Furniture. There is nearly 38 million square feet of office space within a 20 mile drive from the site. The broader MSA has a 95% apartment occupancy rate and a steadily growing population.
EDEN Multifamily was founded in 2015 and has developed more than 24,000 residential units in the past. The affiliated multi-family management company RKW Residential manages almost 25,000 residential units in six states. In Port Orange, Central Florida, EDEN recently started construction of the EDEN Crystal Lake with 288 units. The company had previously developed the transformative residential community Lazul North Miami Beach in the Town Center district and is working with CEI in a project with the Lincoln Property Company on the 32-story Eden Las Olas tower in downtown Fort Lauderdale.
Founded in 2001 by Michael Sorochinsky, CEI has carried out fundamental and value-adding real estate projects in all asset classes since its inception, with a focus on apartment buildings. To date, CEI has developed and invested in projects consisting of more than 12,000 units in top US cities including Los Angeles, Boston, San Francisco, New York, Chicago, Portland, Phoenix and Las Vegas.
About CE development partners: A joint venture between EDEN Multifamily and Cypress Equity Investments to develop multi-family projects across the Southeast US CE Development Partner will be exploring opportunities in both urban and nearby suburbs.
About EDEN Multifamily: EDEN Multifamily is a joint venture founded by real estate industry veterans Jay Massirman and Jay Jacobson. The company has more than 70 years of experience and a long history of identifying and developing successful residential projects. EDEN seeks development opportunities for apartment buildings in underserved and overlooked neighborhoods and specializes in boutique infill projects. Eden Multifamily is currently developing over 950 units in Central and South Florida. More information is available at www.edenmultifamily.com
About Cypress Equity Investments: Cypress Equity Investments (CEI) is a real estate investment company comprised of professionals who have been implementing real estate investment strategies for three decades. Since its foundation, CEI has been a pioneer in real estate projects with basic and value creation in all asset classes with specialization in multi-family houses. The company continues to implement its Class A development and acquisition strategies in prime urban markets in the United States. More information is available at www.cypressequity.com