Forge Development Partners and Bridge Investment Group have begun leasing its newest community located in San Francisco. The TL Residences features 240 units in two buildings. The apartments are meant to contribute towards the much-needed housing demand for the San Francisco workforce.
Occupancy rates for the San Francisco area have returned to pre-COVID levels with 93 percent of the jobs lost during the pandemic returning. According to the Bay Area Council, the average California home now costs around two and a half times that of the national average, with monthly rent being 50 percent higher than the rest of the U.S. In San Francisco, this rate is even higher, largely displacing the working force.
For renters with qualifying incomes of $32,000, 31 units will be available at below market rate, as is mandated by the city of San Francisco’s Office of Housing and Inclusionary Housing Ordinance. Another 94 apartments are available to renters with incomes ranging from $75,000 to $80,000, while the remaining will lease at a market rate range of $2,467 to $3,791 per month.
Made affordable by design, apartments feature multi-purpose furniture and movable walls converting living rooms into bedrooms in an effort maximize space. Community amenities include a gym, yoga studio and rooftop lounge.
Located in the Tenderloin neighborhood, the property was developed to support environmentally sound practices and reduce negative environmental impacts. Clean technology was installed throughout the asset to allow for remote control energy use and recycling of wastewater.
To support the community, Forge and Bridge partnered with Project Access Resource Center, a platform that provides residents with free on-site programs such as afterschool child programs, fitness classes and financial literacy workshops.
Resident move-in dates for the TL Residences begin Oct. 1st.