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American Capital Group, Clarion Form JV for Lynnwood MF Project
American Capital Group and Clarion Partners have created a joint venture to develop Enso, a 316-unit multifamily project in Lynnwood, Washington.
Pacific Life Insurance Company served as the construction lender for the development, with construction scheduled to commence in August 2024 and anticipated to reach completion by Summer 2026. “Enso could not come at a more critical time as home ownership has become too costly for many, and capital market dynamics have slowed new multifamily housing starts,” said BJ Kuula, CEO of ACG.
Located at 4001 198th St. SW, Enso will feature over 4,200 square feet of retail space in addition to modern housing options. The community will offer 2,600 square feet of co-working space, a 3,000-square-foot fitness facility, a 2,400-square-foot game lounge and a 2,600-square-foot resident lounge.
The property is situated near the LINK light rail public transportation, set to open in August, offering easy connections to the nearby employment centers of Seattle, Bellevue, Kirkland and Redmond.
Image: City of Lynnwood
