DENVER, June 21, 2023 /PRNewswire/ — Forum Capital Advisors LLC (“Forum”), a Denver-based investment management firm, announced today that it has closed on a $18 million preferred equity investment supporting the development of Tacara at Steubing Heights, a 293-unit multifamily project in San Antonio, Texas.
“We are excited to close our first investment in San Antonio,” said Joshua Manning, Senior Director – Investments. “The opportunity to deliver a project close to the South Texas Medical Center, UTSA, and the many retail attractions of northwest San Antonio made this an attractive investment opportunity for Forum.”
Once completed (anticipated in 2025), the project is expected to be comprised of 293 market-rate apartment units. The four-story, elevator-served apartment community will include a variety of floor plan types, including studio, one, and two-bedroom units. The project will also include a dedicated amenities building featuring a clubhouse, resort-style pool with an outdoor lounge, and a pet park.
The development is located at the intersection of De Zavala Road and JV Bacon Parkway, within the northwest San Antonio submarket. Tacara at Steubing Heights is approximately a 20-minute drive from downtown San Antonio and five minutes from several commercial corridors, including various retail, entertainment, and employment hubs. Residents of Tacara at Steubing Heights will also have access to a nearby city-owned open space and trail system.
“We are looking forward to partnering with an experienced local sponsor who we believe has a track record of delivering high-quality projects,” said Joe Chickey, Managing Director – Portfolio Manager. “In addition to the strength of the sponsor, we believe that the favorable submarket fundamentals and proximity to major employers make this an appealing development project.”
About Forum Capital Advisors LLC
Forum Capital Advisors LLC (“FCA” or “Forum”) is an innovative investment management firm based in Denver, Colorado. FCA provides discretionary investment management services. FCA, founded in 2018, is owned by Forum Investment Group LLC.
IMPORTANT INFORMATION
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 Capital Advisors LLC or its affiliates (“Forum”). Past performance is not indicative of future results. 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. There is no assurance that any portfolio will achieve its investment objective.
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SOURCE Forum Investment Group
Originally published at https://www.prnewswire.com/news-releases/forum-capital-advisors-provides-preferred-equity-for-multifamily-development-in-san-antonio-texas-301856908.html
