Joint venture in South Florida set to build 288-unit apartment complex near Daytona

EDEN Multifamily and Ghitis Property Company expect to break ground in June for garden-style, lake-front apartments in Port Orange
April 27, 2019 04:00PM

EDEN Crystal Lake rendering

UPDATED April 29, 4:40 p.m.: Two South Florida real estate development companies formed a joint venture to build a 288-unit apartment complex near Daytona Beach.

The developers are EDEN Multifamily, led by Jay Massirman and Jay Jacobson, and Ghitis Property Company, headed by former Trammel Crow Company partner Leo Ghitis.

They plan to build a lakefront apartment complex called EDEN Crystal Lake in Port Orange, a city just south of Daytona Beach.

EDEN Multifamily and Ghitis Property are preparing to break ground in June for 288 garden-style apartments on a 19.5-acre development site next to a 38-acre lake. The developers recently won approval of their site plan.

Shared amenities at EDEN Crystal Lake would include a lakefront boardwalk, outdoor lounge, dog park with grooming stations, clubhouse, gym and swimming pool. The development’s architect is Kendall-based MSA Architects.

The developers said they have secured all the capital necessary to build the apartment complex at 1270 Reed Canal Road in Port Orange. A Carlton Group team led by Michael Campbell secured the joint-venture equity component for the $47 million deal on on behalf of EDEN Multifamily and Ghitis Property Co. from a Singapore investor.

“Everyone involved is bullish about the location of the project site and upside of the Port Orange submarket,” Jay Jacobson, president of EDEN Multifamily, said in a prepared statement.

The development site is within four miles of Daytona Beach, the city’s international airport and the Daytona International Speedway. It is also close to Interstate 95 and Interstate 4, shopping and dining venues, three post-secondary educational institutions, and health care employers with more than 72,000 employees. – Mike Seemuth