BURIEN, WA – Canyon Partners Real Estate and American Capital Group announced a joint venture to develop Kinect @ Burien, a 230-unit apartment project in Burien, Washington, a suburb of Seattle. Canyon has invested $ 25.6 million in equity in this project, which is in a qualified opportunity zone. The joint venture also entered into a $ 51.5 million senior home loan at the same time.
This investment is Canyon’s second multi-family project in partnership with ACG in the past two years. Canyon and ACG also worked on Kinect @ Lynnwood, another apartment project in the nearby Lynnwood suburb of Seattle. To date, Canyon has invested in nine Qualified Opportunity Zone projects, capitalizing over $ 700 million in real estate development projects.
"Similar to our other qualifying Opportunity Zone project with Canyon, this multi-family community will provide much-needed housing for the greater Seattle area," said B.J. Kuula, President of ACG. "We are proud to offer the residents an attractive and affordable housing option and to contribute to the economic growth of the region."
Kinect @ Burien is located in downtown Burien, one block west of Burien Town Square. The project is conveniently located within easy reach of many of the region's major employment centers, including Kent Valley, Seattle-Tacoma International Airport, and downtown Seattle and Bellevue. When construction is complete, Kinect @ Burien will offer a mix of studios, one and two bedroom units along with secure, covered parking, a fitness center and outdoor communal areas. Kinect @ Burien participates in the city of Burien's multi-family tax exemption program and dedicates 20% of the project's residential units as affordable housing.
The project will begin construction immediately and is expected to be delivered in the summer of 2023.
Source: Canyon Partner / American Capital Group