Investments – Offering Details
Rosa Parks Boulevard at Keen Street · Paterson, New Jersey 07524
Project Overview
The project located at 49–51 Graham Avenue (also known as 49–51 Rosa Parks Boulevard) involves the demolition of the existing 2-family residential structure and the ground-up construction of a new 3-story, Class B multifamily building on a corner lot at Rosa Parks Boulevard and Keen Street in Paterson, New Jersey. The project is designed to deliver seven (7) newly constructed studio apartments with modern finishes that are intended to address the rental demand in the surrounding market.
This is a development-stage offering. The property has not yet been acquired and construction has not commenced. Investors should review the full Offering Circular, including the Risk Factors section, before making an investment decision.
Minimum Investment
Target Raise
BBG Appraised Value (as-completed)
Timeline
Third-party appraised value
As-completed | BBG, Inc. | 2026
| Type | Details |
|---|---|
| Address | 49–51 Graham Ave / Rosa Parks Blvd |
| Location | NE corner Rosa Parks Blvd & Keen St |
| Parcel | Block 3007, Lot 19 — Passaic County |
| Site area | 2,346 sq ft (0.054 acres) |
| Current use | 2-family residential |
| Year built | Circa 2005 |
| Gross building area | 3,504 sq ft |
| Zoning | R-2 Low Medium Density Residential |
| Flood zone | Zone X — minimal risk |
| Type | Details |
|---|---|
| Property type | Walk-up multifamily |
| Stories | 3 |
| Total units | 7 studio apartments |
| Average unit size | 399 sq ft (range: 350–422 sq ft) |
| Net rentable area | 2,794 sq ft |
| Gross building area | 4,041 sq ft |
| Building class | Class B |
| Exterior | Brick/masonry + Hardie plank |
| Ceiling height | 9'–11⅛" all floors |
| HVAC | PTAC — electric, tenant-metered |
| Fire protection | Fully sprinklered |
| Project amenities | Rooftop terrace — 1,152 sq ft |
| Estimated completion | Q4 2027 |
Planned Unit Amenities & Finishes
In-unit washer/dryer | Dishwasher | Quartz countertops | Stainless appliances | Hardwood/vinyl floors | Ceramic tile baths | Tub/shower combo | Security system + cameras | Tenant-metered electric | Low-E vinyl windows | LED lighting | Lobby + mail room | Rooftop terrace — 1,152 sq ft | First-floor amenity room | Thin brick veneer facade | Backlit exterior signage
Zoning disclosure — R-2 designation and variance requirement: The property is currently zoned R-2 (Low Medium Density Residential), which permits only 1- and 2-family development as of right. Multifamily development is expressly prohibited under this designation. The proposed 7-unit apartment building is non-conforming across seven zoning categories and requires variance approval from the Paterson Planning Board before any construction can commence.
Forte plans to acquire the property first and then prepare and submit a formal variance application. Forte’s executives and management team have substantial familiarity with the Paterson Planning Board and its review process, and believe the variance application is viable. The Planning Board regularly reviews applications of this type and, if approved, the structure will be legally conforming to the terms of its approval. Nevertheless, approval is not guaranteed, and the failure to obtain required variances would prevent the project from proceeding as planned and could result in a material loss to investors.
The independent BBG appraisal is based entirely on the hypothetical condition that all required variances have been granted. All appraised values — including the as-completed value of $2,080,000 — are contingent on this condition and are not reflective of current legal entitlement. The Offering Circular contains risk factor disclosures addressing zoning approval risk. See the Risk Factors section of the Offering Circular for a full discussion.
CoStar Q3 2025 via BBG appraisal
Class B vacancy rate — Passaic County
Avg. market rent per unit/month — Passaic County
Units net absorbed, Q3 2025 — Passaic County
The Passaic County multifamily submarket is operating at historically tight vacancy. Class B properties — the segment this project targets — ended Q3 2025 at a 1.93% vacancy rate, with nearby comparable studios at 39–43 16th Avenue and 135 Beech Street operating at 100% occupancy and $2,000 per month. The submarket absorbed 136 net units in Q3 2025, with zero new units delivered. This occurred against a construction pipeline of only 1,321 units relative to a 23,229-unit inventory base, a supply constraint that continues to underpin rental demand.
Paterson is served directly by Interstate 80, multiple NJ Transit bus lines, and the NJ Transit Main Line commuter rail, which provides direct service to Hoboken and connections into Manhattan. This makes Paterson a practical choice for renters priced out of Bergen County and New York City — a dynamic that continues to support rental demand across all price points.
Claritas demographic data (2026) shows projected household growth of 3.4% within one mile of the subject property through 2031, building on actual household growth of 15.9% between 2010 and 2020. Paterson’s affordability relative to surrounding markets continues to draw new residents, sustaining rental demand throughout the submarket.
The proposed building is designed as new Class B construction — brick and Hardie plank exterior, quartz countertops, in-unit washer/dryer, stainless appliances, and individually metered utilities. This product type is deliberately positioned in the segment where vacancy is tightest and where the gap between achievable rents and construction costs is most favorable for development. The project’s underwritten rent of $2,000 per studio is supported by BBG’s independent rent study, which reconciled market rents from eight comparable properties in the immediate submarket.
The subject property is currently zoned R-2, which does not permit multifamily development as of right. Forte’s strategy is to acquire the property and subsequently pursue variance approval from the Paterson Planning Board — a process the team believes is viable based on its substantial familiarity with the board and the types of applications it reviews. Comparable development sites in Paterson that are zoned RA-2 (4th Ward Redevelopment Residential) are entitled as of right, whereas this site requires a variance. While the Planning Board regularly considers applications of this type, and approval would render the structure legally conforming to the terms granted, there is no guarantee of approval. The success of the project is contingent upon obtaining the required variances. Investors should weigh this risk carefully and review the Risk Factors section of the Offering Circular in full.
Paterson’s 30-year Payment in Lieu of Taxes (PILOT) program is primarily associated with the city’s RA-2 redevelopment zones, which are designated for larger-scale multifamily development. However, Forte’s position is that the PILOT program is a citywide abatement available to qualifying new construction across Paterson — not restricted to RA-2 zones alone — and that this project is expected to qualify as an as-of-right abatement upon completion. This is a specific reason Forte focuses its development activity in Paterson: the PILOT program meaningfully reduces the ongoing tax burden on new multifamily properties and has contributed materially to the appraised value of this project. The PILOT has not yet been granted and is treated as an extraordinary assumption by BBG in the appraisal. Failure to obtain the PILOT would materially reduce projected NOI and appraised value.
Given current macroeconomic conditions — including elevated interest rates and real estate market uncertainty — the projected exit value has been discounted 15% from the implied stabilized value. This adjustment is a management assumption intended to present a realistic, rather than optimistic, exit scenario. Even after this discount, after closing costs and all Forte fees, the project is projected to return approximately 20% to investors over an 18-month timeline.
Third-party appraisal by BBG
A third-party appraisal by BBG, Inc. concluded an as-completed market value of $2,080,000, reflecting the projected value of the property upon construction completion. The appraisal is subject to two important conditions: (1) a hypothetical condition that all required zoning variances have been granted, and (2) an extraordinary assumption that the PILOT exemption will be approved. Neither condition has been satisfied. If either is not met, the appraised value would be subject to material revision.
Forte Investment Fund will acquire the subject property, obtain the required municipal approvals and zoning variances, demolish the existing structure, and develop a new 7-unit studio apartment building. Upon completion and stabilization, the Series intends to sell the property to a third-party buyer.
Phase 1
~3 months
Engage land use counsel and submit applications to the Paterson Planning Board for required variances. Finalize architectural and engineering plans. This is the highest-risk phase — variance approval is required before construction can begin and is not guaranteed.
Phase 2
~3 months
Upon receipt of variance approvals, secure building permits, engage a general contractor, and prepare the site for construction, including demolition of the existing structure.
Phase 3
~9 months
Construct the proposed building in accordance with approved plans. The hard cost construction budget of $691,500 was reviewed by BBG as part of the independent appraisal. BBG noted the estimate may be understated relative to comparable Paterson projects. See Risk Factors in the Offering Circular.
Phase 4
~3 months
Obtain certificates of occupancy and lease the units to achieve stabilization. Based on comparable properties, BBG concluded a lease-up period of approximately two months. Once stabilized, the property will be marketed for sale and net proceeds distributed to investors.
Total Development Cost
Land Acquisition
Construction
(Hard Costs)
Soft Costs
(architect, permits, legal, insurance, etc.)
Total Project & Development Cost
No construction financing is currently planned. The project is expected to be funded entirely through investor equity raised in this offering. Forte Investment Fund co-invests $62,900 alongside investors on the same economic terms, aligning manager and investor interests.
Note: The combined construction budget (hard costs $691,500 + soft costs $98,400) totals $789,900. Total development cost of $1,239,900 includes land acquisition of $450,000. These figures are distinct — the offering page and Offering Circular consistently reference $1,239,900 as total development cost inclusive of land.
The following metrics reflect property-level assumptions from the developer’s pro forma and, where noted, the independent analysis conducted by BBG, Inc. These are property-level operating projections, not investor return projections. Investors should review the full pro forma and methodology in the Offering Circular and BBG Appraisal Report before investing.
Stabilized (FY 2027)
| Unit count | 7 studios |
| Underwritten rent per unit | $2,000 / month |
| Gross potential rental income | $168,000 / yr |
| Vacancy & collection loss (5%) | ($8,400) |
| Effective gross income | $159,600 / yr |
Two Views
| Developer pro forma NOI Assumes PILOT tax (~$1,200/yr taxes) | $120,622 |
| BBG independent concluded NOI Assumes unabated taxes (~$26,103/yr) | $106,834 |
| NOI difference (PILOT impact) | $13,788 / yr |
| Land acquisition cost | $450,000 |
| Hard construction costs | $691,500 |
| Soft costs | $98,400 |
| Total development cost (= capital raise target) | $1,239,900 |
| BBG as-completed independent appraisal value Subject to hypothetical condition (variances granted) and extraordinary assumption (PILOT approved) — see appraisal disclosures | $2,080,000 |
| BBG capitalization rate applied | 6.00% |
| Anticipated lease-up period (BBG estimate) | 2 months post-completion |
| Absorption rate (BBG estimate) | 4 units / month |
Rent basis. The $2,000/month per unit underwritten rent is supported by BBG’s independent rent study, which analyzed eight comparable studio properties in the immediate submarket. Nearby comparable studios at 39–43 16th Avenue and 135 Beech Street are operating at 100% occupancy at $2,000/month. No rent concessions are assumed or anticipated in this submarket per BBG’s analysis.
Why there are two NOI figures. The developer’s pro forma assumes the property qualifies for Paterson’s 30-year PILOT program, which reduces annual real estate taxes to approximately $1,200. BBG, applying standard appraisal methodology, uses the unabated tax burden of approximately $26,103/year — a difference of ~$24,900/year — because the PILOT has not yet been granted. The PILOT is treated as an extraordinary assumption in the appraisal. If not obtained, the developer NOI would also compress to approximately $106,834. Both figures are presented here for transparency.
These are property-level operating metrics, not investor return projections. The figures above reflect projected construction costs, anticipated lease-up timelines, projected exit valuations, and related property-level assumptions as permitted under FINRA Regulatory Notice 20-21. They are accompanied by the key assumptions and risks disclosed herein and in the Offering Circular. They do not constitute a stated investor return or performance guarantee of any kind. Investors should review the property-level assumptions in the Offering Circular and the detailed financial analysis in the BBG Appraisal Report before making an investment decision.
Whether you’re a new investor, or seeking to diversify, Forte provides a streamlined way to manage your investment portfolio confidently, at your own pace, with a low barrier to entry.
Acquisition fee
2% of purchase price
Asset management fee
of NAV annually
Property management fee
of gross rents — waived (sold before rent collection)
Disposition fee
Waived for this offering
This is an invest-and-hold offering with a single planned liquidity event: the sale of the property upon stabilization. No periodic distributions are anticipated prior to that event. Upon sale, proceeds are distributed in the following order.
Step 1 — Pay project expenses & feesIncludes offering costs, acquisition fee (2% of purchase price), asset management fee (1.5% of NAV annually), and any other Series expenses | First priority |
Step 2 — Return of capital to all investorsAll investor capital contributions returned in full before any profit is distributed. Forte’s $62,900 co-investment is returned on the same terms. | 100% pro rata |
Step 3 — Remaining profit splitAny remaining proceeds after return of capital are distributed 80% to investors (pro rata by shares held) and 20% to Forte. This split applies only if and when a liquidity event occurs. | 80% / 20% |
Independent valuation context.
Planned Exit
Return of capital
All investors first
Investor profit share
Investors after ROC
Forte profit share
Forte after ROC
This is a development-stage investment with significant risks. The following is a summary only. Please review the complete Risk Factors section in the Offering Circular before investing.
This offering is made only by means of the Offering Circular dated February 24, 2026. This page is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. No projected or forecasted returns are represented herein. Investors should refer to the Offering Circular pro forma for financial assumptions and projections, which are provided as fair, balanced, and not misleading disclosure within that document. The subject property is currently zoned R-2 and does not permit multifamily development as of right. All required zoning variances must be obtained from the Paterson Planning Board before construction can commence, and there is no guarantee that such variances will be granted. The 30-year PILOT tax exemption has not been applied for or granted and is treated as an extraordinary assumption in the independent appraisal; failure to obtain the PILOT would materially affect projected NOI and appraised value. The BBG appraisal value of $2,080,000 (as-completed) is subject to both a hypothetical condition (variances granted) and an extraordinary assumption (PILOT approved) and does not reflect current legal entitlement. Upon a liquidity event, it is Forte’s goal that proceeds be distributed with return of capital first, followed by any remaining profit split 80% to investors and 20% to Forte. No other distributions are anticipated prior to a liquidity event, and no distributions of any kind are guaranteed. An investment in Forte Investment Fund, LLC – Series A involves significant risks, including the possible loss of your entire investment. The securities described herein have not been approved or disapproved by the SEC or any state regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the Offering Circular. Securities are offered through Dalmore Group, LLC, member FINRA/SIPC. Forte Investment Fund, LLC is not registered as an investment company and is sponsored by Forte Partners Global Inc., 58 Main Street, 2nd Floor, Hackensack, NJ 07601. Dalmore and Forte are not affiliates. Read the full Offering Circular before investing.
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