Canyon Partners Real Estate LLC and American Capital Group (ACG) formed a joint venture to develop Kinect @ Lynnwood, a 239-unit apartment project in Lynnwood, WA. Canyon invested $25 million of equity into this project, which is located in a qualified opportunity zone.
The JV also simultaneously closed on a $45.5 million construction loan from U.S. Bank. Construction is slated to begin in June 2020, and completion is expected in summer 2022.
ACG’s B.J. Kuula says, “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. 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 location offers accessibility to major employment and activity centers, including downtown Seattle, Bellevue, Redmond and Everett. It is located less than 1,000 feet from the future Lynnwood City Center light rail station.