Denver, Colorado – September 8, 2023 – Forum Capital Advisors LLC (“Forum”), a Denver-based real estate investment and asset management firm, announced that it has closed on a $5 million preferred equity investment supporting the construction of Cedar Lee Meadowbrook, a 206-unit multifamily development in Cleveland Heights, Ohio.
“We are excited to close on our first investment in Cleveland,” said Ross Macdonald, Senior Director – Investments. “We believe this is an attractive investment opportunity for Forum for a variety of reasons, including being located in the highly sought-after Cleveland Heights submarket, which offers proximate access to main employment and economic hubs as well as to two universities.”
Once completed (anticipated in 2025), the two-building, four-story, mid-rise apartment complex is expected to include 206 market-rate apartment units, 8,500 square feet of ground-floor commercial space, and 257 garage and 42 surface parking spaces. The project is expected to have a mix of studios and one- and two-bedroom floorplans, as well as provide 11,000 square feet of dedicated amenity space with a resident café, fitness studio and resort-style pool, including grills and firepit lounge areas.
The project is located at the intersection of Cedar Road and Lee Road, a short 10-minute drive from each of the Cleveland Clinic Main Campus, Case Western Reserve University, John Carroll University, and University Circle, a 550-acre planned district that will feature medical facilities, museums, and cultural landmarks.
“We are looking forward to partnering with one of the largest and most experienced developers of multifamily properties in the Midwest,” said Joe Chickey, Managing Director – Portfolio Manager and Co-Head of Forum’s Structured Finance team. “In addition to the strength of the sponsor, we believe that favorable submarket fundamentals and close proximity to major economic hubs make this an appealing development project and investment opportunity.”
About Forum Capital Advisors LLC
Forum Capital Advisors LLC (“FCA” or “Forum”) is an innovative investment management firm based in Denver, Colorado. FCA provides discretionary investment management services. FCA, founded in 2018, is owned by Forum Investment Group LLC.
IMPORTANT INFORMATION
This material is provided for informational purposes only and is not intended as and may not be relied on in any manner as legal, tax or investment advice, a recommendation, or as an offer to sell, a solicitation of an offer to purchase or a recommendation of any interest in any fund or security offered by Forum Capital Advisors LLC or its affiliates ("Forum"). Past performance is not indicative of future results. Private market investments are complex, speculative investment vehicles and are not suitable for all investors. An investment in a private market investment entails a high degree of risk and no assurance can be given that any private market investment objectives will be achieved or that investors will receive a return of their capital. The information contained herein is subject to change without prior notice and is also incomplete. This industry information and its importance is an opinion only and should not be relied upon as the only important information available. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed, and Forum assumes no liability for the information provided. As with any investment, there are risks. There is no assurance that any portfolio will achieve its investment objective.
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