TL Residences offer 240 modern, tech-forward apartments in the Tenderloin neighborhood in San Francisco
SAN FRANCISCO, CALIFORNIA – AUGUST X, 2022 – Forge Development Partners (Forge) and Bridge Investment Group are pleased to commence leasing at their newest community: TL Residences, a 240-scaled unit apartment home community across two buildings, strategically located in the heart of the evolving Tenderloin and designed to address the critical workforce housing gap in San Francisco.
TL Residences offers the most technically advanced and sustainable market-rate housing for the “missing middle,” the essential workers who form the backbone of San Francisco but are often priced out of housing near their workplaces. Forge, inspired by the global trend of scaled, affordable-by-design residences, created units that are rich with contemporary features offering multiple uses, such as moveable multi-purpose furniture and walls that allow the same space to transition from living room to bedroom, as a means to maximize space. TL Residences boasts life-enriching amenities, including a rooftop lounge, community kitchen, gym and yoga studio and pet zone, that will serve as an extension of residents’ living space, merging community with comfort in a lively atmosphere.
In addition to being affordable by design, TL Residences is driven by Clean-tech, or technology that is working to reduces negative environmental impacts, and as such is one of the most technologically advanced and environmentally sustainable buildings in San Francisco, with systems that allow for remote control of energy use, waste-water recycling for reduced consumption, and other environmentally sound practices. Forge’s commitment to develop these units as Clean-tech drives its commitment to sustainability and climate responsibility. In addition to cutting-edge environmental initiatives, it was crucial to Forge and Bridge that TL Residences create a platform that would help the community become healthier, more educated and more financially stable. As such, Forge partnered with Project Access Resource Center to offer health, financial and educational programs at no cost to the TL Residences community. Project Access will provide free, on-site programs, including afterschool childcare programs, fitness classes, financial literacy workshops and more.
“Our goal in developing the TL Residences was to create a rich urban lifestyle within a strong and vibrant community,” stated Forge Founder Richard Hannum. “We wanted to build the housing that San Francisco’s middle-income families need, while incorporating Forge’s foundational principles of sustainability, innovation and luxury.”
Through a unique partnership between Forge and Bridge Investment Group (Bridge), a real estate investment manager and industry leader in Environmental, Social, and Corporate Governance (ESG) integration, TL Residences has established San Francisco’s first privately owned and financed buildings that offer means-tested rent controls for workforce housing. Thirty-one units will be available at below-market rate to renters with qualifying annual incomes of $32,000, as mandated by the City of San Francisco’s Office of Housing and Inclusionary Housing Ordinance. An additional 94 units will be made available to renters with qualifying annual incomes ranging from $75,000 to $80,000. The remaining units are affordable by design, allowing Forge and Bridge to rent those units at a market rate of $2,467 to $3,791 per month.
Rachel Diller, Bridge’s Senior Managing Director and Co-Chief Investment Officer for the Workforce and Affordable Housing vertical, added: “TL Residences marks another milestone on Bridge’s journey to provide communities with access to quality workforce housing. The income restriction Bridge and Forge elected to place on this housing is especially significant, as it will help ensure these units are kept affordable for working San Francisco families for decades to come.”
Bridge’s structured financing, coupled with Forge’s innovative construction and environmental practices, guarantees affordable and modern workforce housing in TL Residences. Future community members can visit www.livetlresidences.com to learn more about the TL Residences and apply for units. Forge and Bridge anticipate residents will begin moving in on October 1, 2022. They will also be hosting an open house in mid-October 2022, with more details to follow soon!
Forge Development Partners, LLC: Forge Development Partners, LLC is a preeminent development company focused on providing urban solutions for the nationally underserved area of essential housing. Their holistic approach encompasses building design and construction, the use of technology, and concierge residential management to improve the resident experience and benefit the surrounding community. Through the use of innovative design and construction techniques, Forge’s projects are scalable, sustainable and environmentally beneficial. Instead of relying on government subsidies, the company’s overall approach attracts Impact Investors while providing a rental price point that offers maximum residential value at a reasonable cost.
Bridge Investment Group: Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $42 billion of assets under management as of June 30, 2022. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease and real estate-backed credit.
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