Forum Partners makes US debut with multifamily property deal
Forum Partners has made its first acquisition in the US, taking a stake in a New York multifamily firm.
The investment manager said it took a “strategic interest” in The Dermot Company, which invests in and develops residential assets.
Forum has also bought stakes in four residential assets in New York City.
Terms were not disclosed.
Dermot expects to deploy more than $750m over the next 18 months in new developments, recapitalisations and value-add acquisitions.
Russell Platt, Forum’s chief executive, said the company had expanded its focus to include the US after more than a decade of investing in Europe and Asia.
“Coupling Dermot’s strong, 20-year track record of value-add investment, development and asset management with Forum’s real estate expertise and access to long-term capital is a powerful combination,” Platt said.
“This investment gives us a strong position in one of the most desirable US markets alongside a highly regarded firm. We look forward to further US-based investments as we target opportunities to create value.”
Dermot principal Steve Benjamin will lead the company as president and chief executive following the retirement of founder William Dickey.