Denver, Colorado – November 10, 2023 – Forum Investment Group (“Forum”), a Denver-based private real estate investment management firm, announced today that it has closed on a $16.1 million preferred equity investment supporting the construction of an anticipated 261-unit multifamily development in Saginaw, Texas.
Once completed (anticipated in 2025), the project is expected to be comprised of 261 units, 50% of which will be leased at 80% of Area Median Income (AMI) as part of a Texas Public Facility Corporation partnership. The three-story, garden-style community will include a variety of floor plan types, including one, two, and three-bedroom units. The project will also include a premier amenity package featuring a clubhouse, resort-style pool and sundeck, pickle ball courts, fire pits, grilling stations, and a pet park.
The development is approximately a 20-minute drive from downtown Fort Worth and is proximate to I-820 and I-30, providing nearby access to Fort Worth, Arlington, Irving, and Dallas. The project site borders North Saginaw Boulevard and West Bailey Boswell Road, two highly trafficked streets featuring numerous restaurant and retail options, such as Kroger, Walmart, Chipotle, Starbucks, and over fifteen others that are walkable from the property. Future residents will also be within a 30-minute drive from Alliance Texas and Circle-T-Ranch, two of the largest master-planned communities in the Dallas-Fort Worth metro, featuring notable employers including Amazon, Meta and Charles Schwab.
“We are excited to partner with an experienced local sponsor to help deliver a new attainable housing option to area residents,” 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 the favorable submarket fundamentals, proximity to major employers and walkability to nearby retail and entertainment, makes this an appealing development project.”
Forum was founded in 2007 as a private real estate firm specializing in the multifamily sector. The firm built a foundation specifically in development and has evolved into acquisition and financing – one of the only multifamily real estate firms with experience in each portfolio segment. In 2018, the firm established its investment management platform to offer institutions and financial intermediaries access to multifamily debt, equity, and private credit exposure.
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 or its affiliates. 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.