Source: Canyon Partners / American Capital Group
BURIEN, WA - Canyon Partners Real Estate and American Capital Group announced their joint venture to develop Kinect @ Burien, a 230-unit apartment project located in the Seattle suburb of Burien, Washington. Canyon invested $25.6 million of equity into this project, which is located in a qualified opportunity zone. The joint venture also simultaneously closed on a $51.5 million senior construction loan.
This investment marks Canyon's second multifamily project in partnership with ACG in the past two years. Canyon and ACG also partnered on Kinect @ Lynnwood, another apartment project in nearby Seattle suburb Lynnwood. In total, Canyon has invested in nine Qualified Opportunity Zone projects to date, capitalizing over $700 million of real estate development projects.
"Similar to our other qualified opportunity zone venture with Canyon, this multifamily community will provide much needed housing to the greater Seattle area," said B.J. Kuula, President at ACG. "We are proud to offer both an attractive and cost-effective housing option to residents and contribute to the economic growth of the region."
Kinect @ Burien is located in downtown Burien one block west of Burien Town Square. The project will be conveniently located within reach of many of the area's major employment hubs, including Kent Valley, Seattle-Tacoma International Airport and downtown Seattle and Bellevue. Once construction concludes, Kinect @ Burien will offer a mix of studio, one-bedroom and two-bedroom units along with secure, covered parking, a fitness center and outdoor community areas. Kinect @ Burien is participating in the City of Burien's Multifamily Tax Exemption program, dedicating 20% of the project's units as affordable housing.
The project will commence construction immediately and is expected to deliver during the summer of 2023.