High Street Residential, Barings Break Ground on 501-Unit ELCO Yards Apartments in Redwood City

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

Two Buildings, 501 Apartments at ELCO Yards

The first community, at 1555 El Camino Real, will include 252 units averaging 751 square feet, along with 5,277 square feet of ground-floor retail. The second building, at 113 Beech Street, will include 249 units with floor plans averaging 787 square feet.

Both communities will offer studios through three-bedroom units, with a portion of all units reserved as affordable housing. The project's architect, WRNS Studio, lists the 501 homes as including 128 studios, 279 one-bedroom units, 71 two-bedroom units and 23 three-bedroom units, with 27% designated as affordable housing, or roughly 135 units. Local reporting indicates Redwood City revised the project's affordable-housing requirements in November 2025, reducing the number of units reserved for extremely low-, very low- and low-income households.

Amenities at both buildings will include rooftop decks and lounges with views of Redwood City and the Santa Cruz Mountains, clubrooms, resort-style pools, spas, covered parking and coworking space. Both communities will have immediate access to green space, and units will include smart appliances and high-end finishes.

Adam Voelker and David Otte on the Redwood City Investment

"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."

David Otte, Managing Director of Barings Real Estate, said the project fits the firm's strategy. "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," Otte said. "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."

ELCO Yards Mixed-Use Redevelopment Context

ELCO Yards is a redevelopment of a six-block area of downtown Redwood City into a transit-oriented neighborhood near the Redwood City Caltrain station. The district spans roughly 8.3 acres and, at full build-out, will include the 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 site previously held auto dealerships and surface parking.

The office and life sciences portion of the project, led by IQHQ, Inc., has been delivered and is 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.

WRNS Studio designed both residential buildings as well as the completed commercial phase, and SBI Builders will construct the residential buildings.

Market Implications

The groundbreaking completes the housing component of ELCO Yards and adds rental supply in a Peninsula location centered on transit and employment. The residential program pairs with the project's office and life-science space, placing apartments near workplaces and the Caltrain station.

HSR is also advancing multifamily and mixed-use projects in Beaverton, Oregon; Richardson, Texas; Bellevue, Washington; and Manhattan as part of its 2026 development activity.

Sources

• Trammell Crow Company: HSR and Barings Break Ground on 501-unit Multifamily Development at ELCO Yards in Redwood City, California
• High Street Residential: HSR and Barings Break Ground on 501-unit Multifamily Development at ELCO Yards in Redwood City, California