Dealmaker: Canyon Partners, American Capital Group to Build Seattle-Area Multifamily
Canyon Partners Real Estate LLC and American Capital Group announced a joint venture to develop Kinect @ Lynnwood, a 239-unit apartment community in suburban Seattle.
Canyon Partners, Los Angeles, invested $25 million of equity into the qualified Opportunity Zone project. The joint venture simultaneously closed on a $45.5 million construction loan from U.S. Bank, Minneapolis. Construction is projected to begin in June with completion scheduled for summer 2022.
Kinect @ Lynnwood in Lynnwood will be near employment centers including downtown Seattle, Bellevue, Redmond and Everett, Wash. The future Lynnwood City Center light rail station will be less than 1,000 feet away when it delivers in 2024. Once completed, the transit system will give residents direct service to the University of Washington, downtown Seattle and Sea-Tac Airport. The property is also near Alderwood Mall and several retail and grocery options.
The Seattle metropolitan area is one of the fastest-growing metros in both population and job growth.
“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,” said American Capital Group Managing Partner B.J. Kuula.
The investment marked Canyon Partners’ fourth joint venture equity investment into Opportunity Zones.