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American Capital, Artemis JV Acquires Pair of PNW MF Developments
A JV between Bellevue-based American Capital Group and Washington, DC-based Artemis Real Estate Partners acquired two Pacific Northwest multifamily development projects: the Lifebridge Kirkland Apartments in Kirkland (pictured), and the Amberglen Apartments in Hillsboro.
The Lifebridge Kirkland Apartments project is within Seattle’s Eastside Innovation Triangle. It will feature 409 residential units comprised of studio, one-, two- and three-bedroom apartments, with 41 affordable housing units. The project is expected to deliver in Q2 2021.
The Amberglen Apartments project is in Metro Portland’s Sunset Corridor. The project will feature 352 residential units comprised of studio, one- and two-bedroom apartments and is slated to deliver by Q4 2021.
American Capital Group’s B.J. Kuula says, “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. This transaction represents a rare opportunity to acquire well-located and high-quality projects at attractive price points.”
For comments, questions or concerns, please contact Dennis Kaiser
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