Trammell Crow, Haseko Line Up $81M for LA Project
Developers expect to kick off work this quarter.
In their first development joint venture, Trammell Crow Co. subsidiary High Street Residential and Haseko North America has secured financing for the construction of Jules San Pedro, a 281-unit project in metro Los Angeles. Sumitomo Mitsui Trust Bank issued an $80.8 million note, public records reveal.
Haseko expects the partnership to continue and expand to other markets while aiming for annual profits of $100 million, according to a company statement.
The duo just closed on the acquisition of the site. General contractor Westport Construction and designer KFA Architecture are also part of the development team. The crew is slated to break ground this quarter, with completion expected in 2028.
The eight-story project calls for studio, one- and two-bedroom layouts. Jules San Pedro will include 1,276 square feet of retail space, in addition to amenities such as a pool deck, a water-facing courtyard with a gym, as well as a coworking space with several conference rooms, among other features.
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Located at 155 W. Sixth St. in the San Pedro Waterfront Arts District, the 1.3-acre development site is proximate to the $250 million West Harbor project, a 320,000-square-foot retail development set for completion this summer. It’s also near the 35-acre AltaSea campus, which consists of science, education and business space. Downtown Los Angeles is about 24 miles north.
Another Trammell Crow community is just one block away, where the developer teamed up with artist Guillaume Zuili, bringing to life the neighborhood’s literary and artistic history. Dubbed Vivo on Harbor, the 137-unit property debuted last year.
Los Angeles multifamily completions surge, rents and occupancy contract
Vivo on Harbor was among the 74 properties of 50 or more units that came online in metro Los Angeles last year, according to Yardi Matrix data. More than 9,400 units debuted in 2025, marking a substantial 18.7 percent year-over-year growth. Yet, 2023 remains the top-performing year as of late, with north of 12,300 apartments delivered that year.
Los Angeles rental housing completions in 2025 represented 2.3 percent of the total stock, according to the latest Yardi Matrix national multifamily report. As the inventory expanded, occupancy ticked down slightly, reaching 95.9 percent in November, down 10 basis points year-over-year.
The average advertised asking rent across the market decreased 0.4 percent annually in 2025, the same source shows. While the national average did not go into the red, movement was not positive either, with the rate flat year-over-year.
