High Street Residential, PGIM Break Ground on 351-Unit Multifamily Community in Bellevue, WA

High Street Residential (HSR), the residential subsidiary of Trammell Crow Company, and PGIM have broken ground on Versant Bellevue, a 351-unit multifamily community at 11040 Main St. in Bellevue, Washington. The real estate development, announced March 24, 2026, will replace an existing two-story office building on a 1.7-acre site and is scheduled for delivery in the third quarter of 2028.

Project Overview: Versant Bellevue Multifamily Community

The Versant Bellevue development will consist of two towers — one six-story and one eight-story — situated directly across the street from the East Main Light Rail Station, which is slated to connect to Seattle. The project will include a mix of studio to three-bedroom units, with 71 of the 351 total units designated as affordable housing, representing approximately 20 percent of the overall unit count.

Designed by Weber Thompson, the community will offer a range of amenities including a large outdoor courtyard, a rooftop terrace with outdoor barbecue stations, a fitness center, a coworking space, a club and lounge room with a fire pit, pet relief and wash areas, and secure package storage. Sierra Construction is serving as the general contractor. Additional project partners include Fora Landscape Architects and Coughlin Porter Lundeen, which is handling civil and structural engineering.

The development team closed on the land on March 13, 2026. Chad Waldbaum of JSH Properties represented HSR in the transaction. No financial terms were disclosed.

Transit-Oriented Real Estate Development Near East Main Light Rail Station

The site's proximity to the East Main Light Rail Station is a central feature of the project's positioning. The station is expected to provide a direct connection between Bellevue and Seattle once the new line opens across Lake Washington.

"Bellevue continues to stand out as one of the most dynamic and desirable places to live in the Pacific Northwest, and this neighborhood represents the best of what the city has to offer," said Alan Cantlin, Principal with HSR in Seattle. "With major employers like Amazon just a short walk away, and retail and dining options in Old Bellevue down the street, this location already provides an incredible foundation for a vibrant residential community. But what truly sets Versant Bellevue apart is its proximity — across the street — to the East Main Light Rail Station. When the new line opens across Lake Washington, it will create a seamless connection between Bellevue and Seattle, which is nothing short of a game-changer for how people will live, commute, and experience the region. We're thrilled to break ground on a development that puts residents at the center of it all."

The project also reflects a broader trend in commercial real estate development: the repurposing of aging office assets into residential use. The Versant Bellevue site replaces an existing office building, aligning with a pattern seen across major U.S. markets where reduced office demand has prompted developers to convert or redevelop underutilized office real estate into multifamily housing.

High Street Residential and PGIM: Development Partners

High Street Residential specializes in urban infill multifamily real estate development. As the residential subsidiary of Trammell Crow Company, HSR has completed more than 18,500 units over 19 years, representing approximately $5.7 billion in value, with an additional 14,000 units in process or pipeline, according to the firm.

PGIM, the global asset management business of Prudential, Inc. (NYSE: PRU), is the second-largest real estate investment manager globally, according to the Pensions & Investments ranking published in November 2025, which surveyed 63 firms. PGIM manages $218 billion in gross real estate assets under management and administration, with $139 billion in net assets under management as of December 31, 2025. The firm manages $1.5 trillion in total assets across public and private asset classes, with more than 1,400 investment professionals across 41 offices in 20 countries.

Bellevue Multifamily Market Context

The Versant Bellevue project enters a Bellevue multifamily market characterized by sustained demand driven by the city's concentration of technology employers and its position as one of the Pacific Northwest's fastest-growing urban centers. The development adds to a pipeline of new residential supply in the area, including other transit-adjacent projects in Bellevue's Wilburton and East Main neighborhoods, where zoning changes have increasingly favored housing development.

The inclusion of 71 affordable units — approximately one in five of the total — reflects both local affordability mandates and broader policy pressures on new multifamily real estate development in the Seattle metropolitan area. The project's location adjacent to light rail infrastructure positions it within a category of transit-oriented development that has drawn significant institutional capital across the region.

Versant Bellevue is expected to deliver in the third quarter of 2028, adding approximately 310,800 square feet of residential space to the Bellevue market.