Forum Capital Advisors LLC, a Denver-based asset management firm, announced that it has closed on a $26 million preferred equity investment supporting the development of Tailor Apartments, a multifamily project in Fort Myers, Florida.
“We are thrilled to close this deal in what we believe to be a strong market, with an experienced sponsor,” said Ross Macdonald, senior director of investments. “We continue to see positive rent growth projected in the Fort Myers submarket, which was one of the key factors in making this an attractive investment opportunity for Forum.”
Once completed, anticipated in 2025, the project is expected to be comprised of 384 market-rate apartment units, with 48 individual garages and 718 surface parking spaces. The eight-building, three- and four-story community will include a variety of floor plan types, ranging from one to three-bedroom units. Forum says the building will also feature community amenities such as a resort-style pool with an outdoor kitchen, dog park and cornhole court for residents.
The development is located along Ortiz Avenue with access to I-75 and Highway 82, the main commuter thoroughfares in Fort Myers.
“The development is led by an experienced, vertically integrated sponsor with a 25-year track record of developing high-quality market-rate and affordable multifamily developments in the Southeast and Midwest regions,” said Joe Chickey, managing director, portfolio manager. “The Forum team has extensive experience working with the sponsor, and we’re happy to partner with them again on this investment.”
Forum Investment Group is an asset management firm focused on multifamily acquisitions, developments, real estate debt, and structured finance solutions for owners, operators and developers across the U.S.
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