By Jon Peterson
The San Francisco offices of PGIM Real Estate and Greystar are planning to come together to develop the 350-unit apartment complex located at 1409 El Camino Real in Redwood City. Construction has not started yet but should get going in the near future, according to sources familiar with the project.
PGIM declined to comment when contacted for this story. It is expected that the real estate manager will make an equity investment into this project of in excess of $200 million, as stated by sources aware of the development.
Greystar is a strong believer in the apartment market in Redwood City. “As Redwood City continues to experience a thriving market demand, we are very pleased to be a committed member of this flourishing community. We look forward to sharing more information as our plans for this exciting downtown project develop,” says Jonathan Hayes, a senior director of development for Greystar. He works out of the company’s regional office in San Francisco.
This development has been approved by Redwood City. “Building permits for this project have been filed but have not been issued yet. We are not sure how long this process will take,” says Lindy Chan, a senior planner with the City of Redwood City.
The 350 units of apartments will be developed over eight stories, according to documents from the City of Redwood City. There are plans to have 35 units in the project designated as affordable units. The project will have approximately 2,900 square feet of ground floor retail to serve the residents of the project and the neighborhood. There will be a total of 441 private parking spaces in three levels of underground parking. A total of 89 bike parking spaces are part of the project’s design.
This is not the only project that Greystar has in Redwood City. The other projects in downtown are the completed six-story, 305-unit community at 299 Franklin St.; the seven-story, 175-unit complex at 103 Wilson St.; and the seven-story, 137-unit development at 1305 El Camino Real.
Greystar is also a big believer in the residential market across the region. Just this summer, the Charleston, SC-based company purchased the 192-unit apartment community Avana Sunnyvale located on 355 N. Wolfe Rd. for $107 million, or $557,291 per unit. This came nearly a month after the company bought two sites in Santa Clara from Intel Corporation for $35 million. Its biggest deal this year was the acquisition of Monogram Real Estate, the Plano, Texas-based residential REIT, for which it paid $3 billion. Monogram had five properties in Northern California. These are the Acapella, located at 1001 National Avenue in San Bruno, Argenta, located at 1 Polk Street in San Francisco, Olume, located at 1401 Mission Street in San Francisco, Vara, located at 1880 Mission Street in San Francisco, and Acacia Apartments located at 4656 Quigg Drive in Santa Rosa. This deal closed on September 19, 2017.