The Sobrato Organization Celebrated the Opening of The Millton, a 120-Unit Affordable Multifamily Real Estate Development in Redwood City

REDWOOD CITY, Calif. — The Sobrato Organization celebrated the opening of The Millton, a 120-unit affordable multifamily real estate development located at 900 Chestnut Street in Redwood City, California, on March 19, 2026. The development marks the organization's first ground-up affordable housing project and a key deliverable under its Housing Security Initiative (HSI), launched in 2022.

The building offers one-, two-, and three-bedroom units targeting households earning between 30% and 80% of Area Median Income (AMI). For a family of three in San Mateo County, that range equates to annual incomes between $52,900 at 30% AMI and $141,000 at 80% AMI.

Multifamily Real Estate Development Addresses Regional Housing Gap

The Millton's opening comes as Silicon Valley faces a significant affordable housing shortage. According to The Sobrato Organization, the region lacks more than 118,000 housing units affordable to households earning below 120% of AMI. An estimated 173,000 households across San Mateo and Santa Clara Counties are rent-burdened, and approximately 18,100 households with children under the age of six spend more than they can afford to remain housed.

The Millton is situated within walking distance of downtown Redwood City, with convenient access to public transportation and Highway 101. Unit interiors feature wood plank flooring, soaking tubs, stone countertops, stainless steel appliances, and recessed lighting. Community amenities include a 24-hour fitness center, a business center with computers and printing capabilities, an indoor pool, an on-site daycare facility, outdoor living spaces with barbecues, a resident lounge, and proximity to parks, playgrounds, and a dog park.

"The Millton is exactly the kind of investment Redwood City has been working toward: housing that keeps families rooted in their community," said Mayor Elmer Martínez Saballos of the City of Redwood City. "Thanks to the Sobrato Organization and our partners, I've seen firsthand how having quality affordable housing helps keep families connected — both physically but also emotionally — and I'm proud that we're able to bring this model directly home."

The Sobrato Organization's Housing Security Initiative

The Sobrato Organization's Housing Security Initiative is designed to align the firm's philanthropic resources, impact investments, real estate capabilities, and community partnerships around a shared goal of expanding access to affordable housing across the Bay Area. By pairing affordable housing with sustained investment in higher education, employment, and nonprofit sector support, the initiative aims to address the root causes of economic instability that contribute to housing insecurity.

"The Housing Security Initiative represents a commitment to doing this work differently and for the long term," said Tony Mestres, CEO of The Sobrato Organization. "We are bringing together the full strength of The Sobrato Organization, across philanthropy, real estate, and capital, and leveraging community and regional partnerships to help create solutions that are durable, scalable, and rooted in community."

Since its launch, HSI has overseen the acquisition and conversion of more than 360 market-rate rental units into affordable housing, served as an anchor investor and co-creator of the Bay Area Housing Innovation Fund — which recently expanded to $100 million — and supported state-level policy initiatives aimed at accelerating affordable housing development.

"This moment is about more than opening a single building," said Adam Briones, Director of the Housing Security Initiative at The Sobrato Organization. "It signifies a major milestone in the creation of a holistic solution to the housing crisis. The Millton reflects a belief that housing is foundational to a person's ability to thrive, and that solving the housing crisis requires long-term commitment, cross-sector collaboration, and solutions built in partnership with communities."

Real Estate Development Strategy

The Millton represents a strategic evolution for The Sobrato Organization, a multi-generational, family-owned firm based in Silicon Valley. The organization has expanded its real estate development activities into the affordable multifamily segment through HSI.

The Millton is the initiative's first ground-up construction project, distinguishing it from earlier HSI efforts that centered on the acquisition and conversion of existing market-rate units. No transaction price, loan details, or acquisition costs were disclosed in connection with the development.

The ribbon-cutting ceremony brought together TSO leadership, community partners, and local government officials to mark the completion of the project.