Forum Investment Group has closed a transaction rolling up 17 apartment properties into Forum Multifamily Real Estate Investment Trust.
The transaction provides FMREIT an initial portfolio of 17 properties totaling 3,539 apartment units across eight states. The combined value of the apartment units is $836.1 million as of Sept. 30, 2022. Forum owns 16 of the properties outright, while holding a more-than-90 percent economic interest in one through a co-tenancy. The combined value was determined by an independent third-party valuation and doesn’t reflect a recent valuation. The identities of the individual properties could not immediately be learned. Representatives of Forum did not respond to inquiries.
Structured assets, Florida build
Forum specializes in multifamily acquisitions, developments, debt and structured finance solutions for owners, operators and developers throughout the U.S. Over the past 16 years, Forum has invested in more than 15,700 multifamily units via its affiliates and related parties, including FMREIT. The total cost of these acquisitions and developments is more than $2.5 billion. These figures represent the firm’s current and historical multifamily portfolio, including structured assets, assets under construction and assets in lease up.
The company has also originated more than $493 million of structured finance investments in multifamily assets across the U.S. Forum is in the process of constructing Flagler Station, a Class A, 252-unit project in Fort Lauderdale, Fla. The project is expected to be online in 2024.
Two months ago, 3650 REIT originated a $103 million portfolio loan for a joint venture to recapitalize its portfolio across South Carolina, Georgia, Tennessee and Louisiana.
