EVERETT — Under construction for nearly two years — and in the works for nearly five — a 140-unit apartment complex will open this fall in Everett’s Broadway corridor.
KIRKLAND, Wash. and HILLSBORO, Ore., Nov. 2, 2020 /PRNewswire/ -- American Capital Group ("ACG") and Artemis Real Estate Partners ("Artemis"), today announced they have entered into a joint venture and completed the acquisition of two multifamily development projects: the Lifebridge Kirkland Apartments in Kirkland, Wash., and the Amberglen Apartments in Hillsboro, Ore. Both Pacific Northwest projects are in areas experiencing rapid population and job growth, with the Seattle and Portland metropolitan areas representing some of the strongest markets in the U.S. for multifamily investment and development.
"These areas of the Pacific Northwest continue to attract a substantial number of new, high-paying technology jobs, and consequently an influx of renters seeking affordable alternatives to nearby markets, such as the Bay Area," said B.J. Kuula, President, ACG. "This transaction represents a rare opportunity to acquire well-located and high-quality projects at attractive price points."
The Lifebridge Kirkland Apartments project is located within the Innovation Triangle, an area comprising Kirkland, Bellevue and Redmond on Seattle's Eastside. The area has attracted major technology employers, with companies such as Microsoft, Amazon, Google and Facebook having established headquarters within the Triangle. The property is near major highways, including I-405 and Highway 520, allowing for convenient access to Seattle. The project is also walking distance to Totem Lake Village, a premier lifestyle center. The project will feature 409 residential units comprised of studio, one-, two- and three-bedroom apartments, with 41 affordable housing units. Construction of the entire project is expected to be completed in Q2 2021.
The Amberglen Apartments project is located in Sunset Corridor, Hillsboro, one of Oregon's largest economic producers. Often referred to as the Silicon Forest, it is home to several major technology employers, including Intel and IBM, as well as Nike's World Headquarters. Hillsboro residents are readily connected to Portland and other employment centers through the nearby MAX Light Rail station and major highways. The project will feature 352 residential units comprised of studio, one- and two-bedroom apartments and is slated to reach completion by Q4 2021.
"As more people move out of dense, urban centers to affordable suburban markets, the Lifebridge Kirkland and Amberglen communities will provide convenient, attractive housing options for residents, while providing easy access to several employment centers and entertainment destinations," said Richard Banjo, Managing Principal, Artemis. "We are excited to partner with ACG in completing the Kirkland and Hillsboro projects as these markets undergo substantial growth."
These investments add to ACG's already robust portfolio in the Pacific Northwest. Most recently, the firm invested in Kinect @ Lynnwood, a 239-unit apartment project in the Seattle suburb of Lynnwood and has commenced lease up at another Seattle suburb investment, Kinect @ Broadway, a 140-unit apartment project in downtown Everett.
Founded in 1986, ACG is an experienced, vertically integrated, locally based real estate company that designs, develops, builds, acquires and manages multifamily properties. With a focus on suburban multifamily opportunities in the Western U.S., ACG has developed and acquired more than 80 properties totaling over 16,000 units across 10 states. ACG's current portfolio consists of approximately $1.5 billion in assets under management. For more information visit: www.acg.com
About Artemis Real Estate Partners
Artemis Real Estate Partners is an investment manager based in metropolitan Washington, D.C., with offices in New York City, Los Angeles and Atlanta. Artemis has raised over $4.6 billion of institutional capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, office, industrial, retail, hospitality, senior housing and medical office. Artemis invests both directly and via joint ventures with established, emerging and diverse operating partners. More information can be found at www.artemisrep.com.