Tamarac Rental Community Fetches $73 Million

EDEN Multifamily, the South Florida developer, and joint venture partner Cypress Equity Investments, closed the $73 million sale of the Eden West apartment community in Tamarac. The venture completed the 212-unit garden-style development this summer.

The transaction closed on Oct. 31. The buyer is 8601 West McNab LLC.

Located at 8601 W. McNab Road, Eden West features a variety of floor plans ranging from 598 to 1,388 square feet, with a mix of studio, one, two and three-bedroom apartments. Amenities include a saltwater pool, fitness center, landscaped area with outdoor fitness equipment, a resident club room and lounge with coworking spaces, electric car charging stations, and open surface parking accommodating 300 spaces.

Eden West was experiencing brisk leasing activity and nearing stabilization at the time of the community’s disposition.

“This transaction is a tremendous outcome for our joint venture,” said EDEN Co-Founder Jay Jacobson. “The sale of Eden West shows that strong investor demand for brand-new apartment product in South Florida still exists, despite the softening occurring in other parts of the nation.” 

EDEN has a robust portfolio of nearly 1,200 units under construction across Florida and another 3,000 in the pipeline and is actively seeking new development sites for institutional sized multifamily projects throughout Florida.