Property: TL Residences
Developer: Forge Development Partners
Location: San Francisco
Units: 240 studios
Rent (Market-rate units): Mid $2,000s-Mid $3,000s
San Francisco-based Forge Development Partners, in partnership with Salt Lake City-based Bridge Investment Group, has started leasing at TL Residences, a 240-unit multifamily property located across two buildings in San Francisco’s Tenderloin district.
The TL Residences leasing model aims to provide sustainable workforce housing for “missing middle” renters in San Francisco, ideally close to their employment centers. The property is privately owned and financed, with living spaces scaled to be “affordable by design,” according to a press release shared with Multifamily Dive.
All 240 units are studio apartments measuring between 206 and 268 square feet, according to the leasing site. Each one features movable walls and furniture that allow residents to change the space’s configuration as needed throughout the day. Amenity offerings include a rooftop lounge, community kitchen, pet zone, gym and yoga studio. Bridge Property Management, a division of Bridge Investment Group, will manage the property.
“Our goal in developing the TL Residences was to create a rich urban lifestyle within a strong and vibrant community,” said Richard Hannum, Forge’s founder, in the release. “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.”
Forge and Bridge have placed their own income restrictions on over half of the units. Thirty-one of the units will be priced at below market rate for renters with qualifying annual incomes of $32,000, as outlined in San Francisco’s Office of Housing and Inclusionary Housing Ordinance.
Ninety-four will be available to renters with incomes between $75,000 and $80,000, and the remaining 115 units will be rented at market rate, between $2,467 and $3,791.
The properties are built to exceed LEED Gold standards, and incorporate an array of clean and sustainable technologies, including remote controls for energy use and wastewater recycling. Forge has also partnered with Project Access Resource Center to provide health, finance and education programs for residents, including child care, fitness classes and financial literacy workshops.
Forge and Bridge anticipate that move-ins will begin on Oct. 1.