In this episode of The Distribution by Juniper Square, Brandon Sedloff sat down with Darren Fisk, Founder and CEO of Forum Investment Group. Founded in 2007, Fisk initially focused on multifamily acquisition and development investments. Since then, the firm has expanded to include real estate debt and structured finance solutions for multifamily owners, operators, and developers across the U.S. Fisk and his team have invested in and/or developed over $2.4 billion in multifamily real estate, with more than 15,000 units in 21 states.
In their conversation, the two discussed private wealth partnerships are critical to Forum’s success, how to thrive across market cycles, and the market dynamics and opportunities in multifamily.
You have to build trust and education with advisers because these investments are not bought; they’re sold.
RIAs often represent individuals and families whose trust must be earned, not assumed. Fisk explained how Forum’s success lies in its ability to align investment opportunities with the goals of RIAs and their clients, fostering long-term relationships built on transparency, reliability, and consistent performance. As he noted, “Although the RIAs take a lot longer to make decisions, they're a lot stickier too. They don't want to move money in and out.”
To strengthen those relationships, Fisk and his team host intimate symposiums at which RIAs gain firsthand knowledge of the firm’s philosophy, strategies, and approach to multifamily investing. The goal is to give them the confidence and knowledge to present those investments to their clients. “I want them to understand our DNA, who we are, and what we stand for. [We] don't talk about returns. It's really to educate them.”
I tell people there are three necessities in life: food, water, and shelter. And I'm in the shelter business.
Multifamily remains the cornerstone of Forum’s investment strategy, thanks to its consistently strong fundamentals and inflation-hedging qualities. Fisk argued that multifamily’s ability to adjust rents to market conditions makes it a true inflation hedge, unlike static lease structures in office or retail real estate. “If I've got a 250-unit apartment building and 50 people move out next week, I can fill it back up the following week. As the market goes up, as the market goes down, I can move [my rents].
He also highlighted the critical housing shortage in the U.S., explaining that while shelter is a basic necessity, the country isn’t building enough to meet the demand. Municipal red tape, higher construction costs, and rising interest rates have only exacerbated supply constraints. “You have more and more demand where roughly four and a half million housing units are already under-supplied. Rents are going to go up.”
Beyond investing in the properties, Forum is also a direct lender to other multifamily owners, developers, and operators. “Our insurance policy is we’re a developer, we’re an owner, so if anything ever goes wrong, we can step in.”
After the GFC, I wanted to build a sustainable company and invest throughout real estate cycles, not to a real estate cycle.
Fisk admitted he wanted to build a business that wasn’t reliant on his personal involvement to thrive. “I had to build a sustainable business, and it had to be able to run without me,” he said.
This philosophy shaped key decisions at Forum, including its deliberate diversification into private debt, private credit, and equity. Fisk noted that these strategies act as stabilizers, allowing Forum to remain active and profitable regardless of broader market conditions. For example, if acquisitions and developments stall because of high interest rates, Forum’s focus on private debt ensures consistent returns and continued growth.
Fisk also highlighted the need to invest in people, drawing an analogy to building a team that evolves from high school football to the NFL. As Forum scaled, Darren recognized the importance of attracting top-tier talent capable of operating at the highest levels.