Kinect @ Burien to Provide Much-Needed Housing for Greater Seattle
Canyon Partners Real Estate LLC and American Capital Group (ACG) entered into a joint venture to develop Kinect @ Burien, a 230-unit apartment development located in the Seattle suburb of Burien, WA. Canyon invested $25.6 million of equity into this project, which is located in a qualified opportunity zone. The joint venture also simultaneously closed on a $51.5 million senior construction loan.
This investment marks Canyon’s second multifamily project in partnership with ACG in the past two years. Canyon and ACG also partnered on Kinect @ Lynnwood in the Seattle suburb of Lynnwood. In total, Canyon has invested in nine Qualified Opportunity Zone projects to date, capitalizing more than $700 million of real estate development projects.
“Similar to our other qualified opportunity zone venture with Canyon, this multifamily community will provide much-needed housing to the Greater Seattle area,” said B.J. Kuula, president at ACG. “We are proud to offer both an attractive and cost-effective housing option to residents and contribute to the economic growth of the region.”
The project will commence construction immediately and is expected to deliver during summer 2023. Once construction concludes, Kinect @ Burien will offer a mix of studio, one-bedroom and two-bedroom units along with secure covered parking, a fitness center and outdoor community areas. Kinect @ Burien is participating in Burien’s multifamily tax exemption program, dedicating 20 percent of the project’s units to affordable housing.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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