601 W Beech
601 West Beech St. - Diego, CA
Architect: Gensler
Developer: Forge Development Partners
Ideally situated in the heart of Little Italy in downtown San Diego, 601 W. Beech creates a new standard in sustainability and technological innovation for the multi-family market.
Non TEA investment of $1,050,000
1
Desirable Rooftop Pool
100
Investment Units
$1M
$1.05M investment
$400M
$400M in total EB5 capital deployed as of June 2023
32,328
32 Stories, 328 Units
Oct 1
Breaks Ground October 1, 2023
Trophy Class Multifamily Housing in San Diego
32 Story, 328 unit multifamily tower with rooftop pool and amenity floor.
Fully entitled with executed GMP Contract with a completion guarantee from Suffolk, the General Contractor. Scheduled to break ground October 1, 2023 with a 26 month construction timeline.
San Diego is top performing market with 20% rent growth in the past two years. San Diego County currently has a vacancy rate of 3.6% according to Costar.
Little Italy commands the highest rents in the county and is a prime mixed-use, transit-oriented neighborhood with top amenities.
Forge has assembled world class team including Gensler Architects and Suffolk Construction.
RIMS II Job Creation Analysis Complete: Estimated 1,472 jobs created. Only 200 are needed to meet the EB-5 program requirements providing comfort to investors. 744 jobs are direct from construction.
Allocation
Sources
20%
Equity
40%
Nuveen C-PACE
10%
EB-5 Investment
30%
Debt
Uses
$66M
Soft costs & finance
$135M
Hard costs
$14M
Land