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TPP's Workforce Housing OZ Fund seeks a $6,333,940 equity investment to build transit-oriented multifamily workforce housing for healthcare workers, law enforcement, then teachers, firefighter and military veterans in the black neighborhood of Tioga adjacent to Temple University Hospital & Temple University Health Sciences Campus in Philadelphia, Pennsylvania USA. Each workforce housing project will provide up to thirty two (32) 1-and-2 bedroom affordable and market-rate units for sale per year.
Investment Area Site Selection.
7/1/2015
Assembly Work.
7/13/2015 to present
Community Support & Stakeholder Engagement.
1/1/2016 to present
Multiple Entitlement
2/5/2019 to present
Social Impact Design.
10/1/2019
Master Planning.
3/1/2020
Workforce Housing Construction Start.
Demand for housing near workplace: More than 10,980 people work on or near the Temple University Health Sciences Campus (TUHSC). At present, the surrounding area offers no attractive options for graduate students, moderate- or higher-income employees to live near their workplace.
TPP Capital through its “family of funds” approach will develop the following units to address the demand for housing near workplace:
The following gives you a break down what we are raising the funds for.
Pie Chart
19% Settlement on Dev Sites
2% Closing & DD Costs
4% Soft Costs
2% Reserves
73% Construction
TPP Capital Management Group (TPP) is a black-led social impact private equity fund manager and healthcare real estate development firm on a mission to change the face of black health by investing in and transforming as much as five urban blighted and underserved black neighborhoods into integrated and scalable, compact, dense and community, health, and wellness-centric focused districts over the next 10 years. TPP makes investments of $200MM to $300MM in each neighborhood.
TPP has invested over five years laying the foundation for Tioga’s success. We took the time to build relationships with the community, area stakeholders and political leaders. We’ve master planned the neighborhood by assembling the necessary sites for development at scale, entitled them for best and highest use and designed innovative health interventions.
Each workforce housing project will provide up to 32 units per year that will produce $8,586,050 million in gross sales, $1,091,893 million of cash distributions and 14% IRR to investors at 18 month after construction begins and annual thereafter for 8 years. $25,000 min investment for individuals and $250,000 for institutions. In addition our social impact strategy is to providing facilities that build businesses, create in-demand jobs and increase access to basic services such as healthcare, culinary medicine, healthy food, housing, broadband and education.
A Philadelphia native and decorated Navy veteran, Anthony B. Miles has worked in urban real estate development and construction for more than 17 years.
anthonym@tppfunds.com
Clinton Bush is Philadelphia native and real estate investor, innovative food accelerator and social impact initiative developer. Clinton has 35 years as a chief strategist working with governors, mayors nationally and improving business operations from food to real estate.
clintonb@tppfunds.com