Real estate

EDEN Living will build a 2nd BTR project in Florida

A joint venture between Live EDEN and an investment fund managed by Morgan Stanley Real Estate Investment has acquired a development site in West Melbourne, Florida to construct a 373-unit horizontal multi-family property to be built. Synovus Bank provided construction financing.

The community will be built as one-storey detached houses or two-storey townhouses. Each home will have its own private entrance or courtyard, while a number of one-bedroom units will be single-story duplexes sharing a central wall. The two- and three-bedroom units will be insulated and mimic the layout and size of a conventional apartment. Community amenities should include a fitness center, club room, swimming pool, and dog park. Walking trails will also be available.

Located at the intersection of the recently completed St. Johns Heritage Parkway and a newly constructed exit from Interstate 95, the community will be approximately 13 miles south of Palm Bay and approximately 7 miles north of Palm Bay. State of St. Sebastian River Preserve.

In October of last year, the joint venture broke ground on its first construction-to-let project in Florida, the 265-unit Eden Arlingwood in Jacksonville. This project should be delivered within the next two years.