Bellevue-based American Capital Group and PGIM Real Estate have formed a joint venture to develop The Foundry at Totem Lake, a multifamily project in Seattle’s Kirkland submarket.
Located at 12700 and 12704 NE 124th St., the development will feature a seven-story residential building, including three stories of structured parking. The community will feature 453 units with studio, one-, two-, and three-bedroom units. Construction is slated to be completed by the end of 2027.
The Foundry at Totem Lake is within the Eastside’s Innovation Triangle, near Google’s Urban Campus, Microsoft’s headquarters, Meta’s Reality Labs, and Amazon’s Redmond and Bellevue campuses. The community will be within walking distance of the newly developed Village at Totem Lake, a retail center offering approximately 400,000 square feet of retail and dining options.
“The Kirkland submarket continues to demonstrate strong multifamily fundamentals, with steady rent growth as the Seattle MSA ranks as one of the fastest growing cities in the U.S.,” said BJ Kuula, CEO, American Capital Group.