HSR and Barings Break Ground on 501-unit Multifamily Development at ELCO Yards in Redwood City, California

High Street Residential ("HSR"), the residential subsidiary of Trammell Crow Company ("TCC"), and joint venture ("JV") partner Barings have broken ground on a best-in-class two-building, 501-unit multifamily development within the ELCO Yards mixed-use district of Redwood City, California. Both residential projects are scheduled for delivery in 2029.

The first multifamily community, located at 1555 El Camino Real, will include 252 units with unit sizes averaging 751 square feet. The building will also include 5,277 square feet of ground-floor retail. The second building, located at 113 Beech Street, will include 249 units, with floor plans averaging 787 square feet. Both communities will include studios to three-bedroom units, with a portion of all units reserved as affordable housing.

Community amenities at both buildings will include rooftop decks and lounges with unmatched views of Redwood City and the Santa Cruz Mountains, clubrooms, resort-style pools, spas, covered parking, and coworking space. Both communities will also enjoy immediate access to green space. Units at each building will include state-of-the-art smart appliances and top-of-the-line finishes.

"We love Redwood City," said Adam Voelker, Market Leader of TCC's Northern California office. "The market continues to grow as a dynamic jobs center, and the community offers excellent amenities. ELCO Yards reflects our conviction in the Peninsula market and our commitment to delivering high-quality housing where it is needed most."

ELCO Yards is a trophy mixed-use redevelopment project transforming a six-block area of downtown Redwood City into a new transit-oriented neighborhood centered on nature, art, and community. At full build-out, ELCO Yards will include 501 apartments and more than 600,000 square feet of office and lab/research space, integrated with childcare, restaurants, parks, plazas, and public art. The office and life sciences portion of the project, led by IQHQ, Inc., has been delivered and is already 50% leased. Reported commitments include a 224,000-square-foot lease from The Chan Zuckerberg Initiative and a 65,000-square-foot lease by Orrick.

"We are pleased to expand our relationship with TCC through this project, which reflects our strategy of investing in multifamily communities in established suburban locations that offer walkability and convenient transit access," said David Otte, Managing Director, Barings Real Estate. "With proximity to the CalTrain station, favorable demographics, and a compelling rent-to-income dynamic, we believe ELCO Yards is well-positioned to serve long-term housing needs in Redwood City."

WRNS Studio has designed both residential buildings, in addition to the completed commercial phase, while SBI Builders will construct them.