Trammell Crow Residential is taking up more space in the Bay Area. Most recently, the company has acquired two residential development sites in South San Francisco for nearly $63 million. According to public records, the two neighboring sites would allow the investment and development company to build nearly 500 residential units.
The first site, located at 100 Produce Avenue, was sold for $24.1 million. The second site, at 124 Airport Boulevard, was sold for $38.4 million.
The properties were previously owned by The Hanover Company, which secured entitlements for the residential development in January of 2022. In total, the project would include a seven-story residential building with 294 apartments on a 2.56 acre site at 124 Airport Boulevard and an additional seven-story building with 186 units on the 1.56-acre site at 100 Produce.
The development would be located near South San Francisco’s downtown area, just west of Interstate 101. The property is also a short commute to the city’s San Bruno BART station.
The acquisition would be one of several recent acquisitions by Trammell Crow and its affiliate companies in the Bay Area over the last several months. In January, the Trammell Crow Company purchased a 4.7-acre site in Redwood City. According to reporting by The Registry, the site – which is located at 200-240 Twin Dolphin Drive – was acquired for $65 million and will serve as a development site for a planned 202,000 square-foot office and life sciences building.
In total, the company, which was founded in 1948, has developed or acquired 2,800 buildings – about 625 million square feet – valued at nearly $70 billion. The company is located in 26 U.S. cities as well as in Europe. Currently, the company has $19.8 billion worth of active projects in the United States, making it the nation’s largest commercial real estate development company. Additionally, Trammell Crow Company has another $10.1 billion worth of projects in the pipeline, according to the company’s website.