The Tailor Apartments Fort Myers
Update
05/16/23
Forum Capital Advisors Provides Preferred Equity for Multifamily Development in Fort Myers, Florida
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."
