LYNNWOOD, WA—Canyon Partners Real Estate LLC and American Capital Group recently revealed their joint venture in the development of Kinect @ Lynnwood, a 239-unit apartment project in the Seattle suburb of Lynnwood. Canyon invested $25 million of equity into the project, which is located in a qualified opportunity zone.
The joint venture also simultaneously closed on a $45.5 million construction loan from U.S. Bank. Construction is slated to begin in June 2020 and achieve completion in the summer of 2022.
Kinect @ Lynnwood's location offers accessibility to major employment and activity centers. It is strategically located less than 1,000 feet from the future Lynnwood City Center light rail station, which is expected to open in 2024 as part of Sound Transit's Lynnwood Link Extension project, according to a prepared release.
Once completed, the transit system will provide residents with direct service to the University of Washington, downtown Seattle and Sea-Tac Airport. The property is also proximate to Alderwood Mall as well as several retail and grocery options. Once completed, Kinect @ Lynnwood will offer a mix of studio, one-bedroom, and two-bedroom units, with ample parking and numerous community areas with tenant amenities.
"Kinect @ Lynnwood will offer new housing supply at affordable price points to the community, which we believe is critical as downtown Seattle's affordability challenges continue to increase," says B.J. Kuula, managing partner of ACG, in a prepared statement. "We anticipate this project's transit-oriented location will be an attractive option for renters seeking newly-built housing with convenient access to employment centers and retail options."
The Seattle Metropolitan Area is one of the fastest growing metros in terms of population and job growth, driving strong multifamily market dynamics in nearby communities like Lynnwood.
This investment marks Canyon's fourth joint venture equity investment into opportunity zones.
Over the last five years, Canyon has invested nearly $850 million in debt and equity in multifamily investments nationwide, supporting the financing of approximately $3 billion of project capitalization.
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Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
