BTR Daily - June 24, 2025 - EDEN Living secures $114M for Florida BTR portfolio

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NEWS ROUNDUP

FINANCING: EDEN Living secures $114 million for Florida BTR portfolio. EDEN Living and an institutional partner have secured $114 million in construction takeout bridge loans for two Florida BTR communities. JLL arranged the $70 million refinancing for the 373-unit EDEN Heritage Lakes in West Melbourne and $44 million for the 265-unit EDEN at Kendall West in Jacksonville. JLL’s Max La Cava noted the financing faced challenges due to both properties being in early lease-up, as well as market volatility following U.S. tariff announcements. The communities, completed in 2023, feature upscale interiors, pet-friendly amenities, and access to key employment hubs, including Florida’s Space Coast.

DISPOSITION: Berkadia closes $66.1 million sale. Berkadia has arranged the sale for The Bungalows at San Tan Village, a 159-unit cottage-style BTR community in Gilbert, Arizona, for $66.1 million — or $415,723 per unit. The community, completed in 2024 and fully stabilized at closing, offers one-, two-, and three-bedroom homes averaging 973 sq. ft. with an effective average rent of $2,337. Berkadia represented Cavan in the deal, with Andrew Curtis, Mark Forrester, Kristin Watson, Dan Cheyne, Ric Holway, John Cunningham, and Charles Steele facilitating the transaction.

DEVELOPMENT: BCDC JV breaks ground on 72 units. TBC Development and BCDC have begun construction on Maybank 3030, a 72-unit BTR townhome community in Johns Island, South Carolina. The project will feature three-bedroom homes with private driveways and attached one-car garages, with first units expected in Q1 2026. The project team includes Vinyet Architecture, L. Dean Weaver, Center Park Homes, and Pinnacle Bank as the lender.

DEVELOPMENT: Kairos Living expands in Louisiana. Kairos Living has acquired six more lots in the South Haven development of Denham Springs, Louisiana, for $1.6 million. The purchase, represented by James Athanasopoulos, was from AP Dodson, with Brandon Dodson representing the seller. This marks Kairos' third South Haven acquisition in as many months, totaling 18 lots for $4.8 million. The tech-driven home rental company, founded in 2019, has also purchased over 20 lots in other Livingston Parish communities since December. South Haven is an Alvarez Construction project set to include 73 homes at completion.

READ: Are THs the answer to maximizing BTR profits.

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5.1 Acres for Sale | Site Work 95% Complete | Designed for 60 THs and 63 Midrise Condos | All Utilities in Place | Potential to Add Up to 12 More THs

96 Units | Built in 2022 | 2-Car Garages | Fenced Backyards | First Purpose-Built BTR in the Area

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