US-based asset management business Forum Capital Advisors has concluded a preferred equity investment deal for a multifamily development in Fort Myers, Florida, US.

The $26m capital will be used to support the construction of the development, which is expected to feature 384 market-rate apartment units.

Forum Investments’ senior director Ross Macdonald said: “We are thrilled to close this deal in what we believe to be a strong market, with an experienced sponsor.

“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.”

Known as Tailor Apartments, the development is an eight-building, three- and four-storey community. It offers 48 individual garages and 718 surface parking areas.

Featuring different floor plan types with one to three-bedroom units, Tailor Apartments will provide residents with access to a resort-style pool, an outdoor kitchen, a dog park, and a cornhole court amongst other amenities.

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The development is located along Ortiz Avenue and is close to the I-75 motorway and Highway 82 while offering easy access to employment hubs, including Lee Memorial Hospital and Florida Southwestern University. Retail suppliers such as Target and Walmart are also less than a mile away.

Forum Portfolio Manager managing director Joe Chickey said: “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 south-east and midwest regions.

“The Forum team has extensive experience working with the sponsor, and we’re happy to partner with them again on this investment.”

The project is expected to be completed in 2025.