Denver, Colorado – May 16, 2023 – Forum Capital Advisors LLC (“Forum”), 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 384-unit 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 – 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. 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 proximate access to I-75 and Highway 82, the main commuter thoroughfares in Fort Myers. Tailor Apartments is an approximate 12-minute drive to downtown Fort Myers and an approximate 15-minute drive to the area’s main employment hubs, including Lee Memorial Hospital and Florida Southwestern University. The property is also under a mile from retail and recreation offerings, including Target, Publix, Walmart, Top Golf, and Home Depot.
“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.”
About Forum Capital Advisors LLC
Forum Capital Advisors LLC (“FCA” or “Forum”) is an innovative asset management company 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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