Forum Capital Advisors LLC (“Forum”), a Denver-based investment management firm, announced today that it has closed on a $10.4 million preferred equity investment supporting a 264-unit multifamily development in Beaufort, South Carolina.
“Forum is thrilled to support what we believe to be a well-located development in the rapidly growing Hilton Head Island-Bluffton-Beaufort MSA,” said Ross Macdonald, Senior Director – Investments. “We look forward to expanding into this growing market, which appears to have experienced steady rent growth in recent years, and we believe offers an attractive destination for residents seeking to flee larger cities.”
The project is located on the border of Port Royal and Beaufort, on Grober Hill Road, and will be part of a larger, master planned community that will also include for-sale single-family homes. The new multifamily development intends to offer future residents access to nearby retail, recreation, and major employment hubs, in addition to downtown Savannah, and the high-end resort communities of Bluffton and Hilton Head.
“We are excited to continue our partnership with an experienced repeat sponsor on this development,” said Joe Chickey, Managing Director – Portfolio Manager and Co-Head of Forum’s Structured Finance team. “We believe the unique supply constraints in the market, combined with an extremely sticky, stable, and growing employment base make this an attractive investment opportunity for Forum.”
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