High Street Residential and joint venture partner Barings broke ground on a two-building development that will bring 501 new apartments to downtown Redwood City’s Elco Yards mixed-use district.
The building at 1555 El Camino Real will have a total of 252 units averaging 751 SF, according to a release. The second building at 113 Beech St. will have 249 keys averaging 787 SF. A portion of both buildings will be reserved for affordable housing, and the project is expected to deliver in 2029.
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Elco Yards, a portion of which is owned by life sciences developer IQHQ, is a six-block section of Redwood City that includes more than 600K SF of new office and lab space that is 50% leased. The Chan Zuckerberg Initiative took 225K SF, with global law firm Orrick leasing an additional 65K SF.
Barings was drawn to the development's proximity to Redwood City's CalTrain station, according to a release.
IQHQ acquired the fully entitled 8-acre Elco Yards project in late 2021 from Greystar and J.P. Morgan for $43M, The Real Deal reported. IQHQ secured a $581M loan co-originated and co-funded by KKR Real Estate Finance Trust and affiliates in 2022.
The groundbreaking is one of the largest multifamily starts on the San Francisco Peninsula in 2026. Other large apartment communities under construction across the Bay Area include the 1,140-unit Coyote Creek development by the city of San Jose and the 520-unit The Colton by The Sobrato Organization in Redwood City’s Stambaugh-Heller neighborhood, according to Kidder Mathews.
Trammell Crow Co., High Street Residential's parent company, was attracted to the site’s location in the heart of Redwood City and its strong life sciences employment base, TCC Northern California Market Leader Adam Voelker said in a statement.
“We love Redwood City,” Voelker said. “Elco Yards reflects our conviction in the Peninsula market and our commitment to delivering high-quality housing where it is needed most.”
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