Canyon Partners and American Capital Group Announce Second Seattle-Area Multifamily Opportunity Zone Project

0
512

BURIEN, Wash., July 21, 2021 / PRNewswire / – Canyon Partners Real Estate LLC (“Canyon”) and American Capital Group (“ACG”) today announced their joint venture to develop Kinect @. Burien, an apartment project with 230 residential units in the Seattle Suburb of Burien, Washington. Canyon invests $ 25.6 million Equity in this project, which is in a qualified opportunity zone. At the same time, the joint venture closed on a $ 51.5 million Home loan for seniors.

This investment is Canyon’s second multi-family project in partnership with ACG in the past two years. Canyon and ACG have also teamed up on Kinect @ Lynnwood, another apartment project nearby Seattle On site Lynnwood. In total, Canyon has invested in nine Qualified Opportunity Zone projects and over $ 700 million of real estate development projects.

“Similar to our other qualified opportunity zone project with Canyon, this multi-family community will provide much-needed housing for the big cities.” Seattle Area, “said BJ Kuula, President of ACG.” We pride ourselves on providing residents with attractive, affordable housing and contributing to the region’s economic growth. ”

Kinect @ Burien is in the city center Burien one block west of Burien Town Square. The project is conveniently located within easy reach of many of the region’s major employment centers, including Kent Valley, Seattle-Tacoma International Airport and downtown Seattle and Bellevue. After the construction work is completed, Kinect @ Burien will offer a mix of studio, one and two bedroom units along with secure, covered parking, a fitness center and outdoor communal areas. Kinect @ Burien participates in the. part City of Buriens Multi-family tax exemption program that provides 20% of the project’s housing units as affordable housing.

The project will start construction immediately and is expected to be delivered in the summer of 2023.

About Canyon Partners Real Estate LLC

Canyon Partners Real Estate LLC® (“Canyon”) was founded in 1991 and is the direct investment arm of Canyon Partners, LLC, a global alternative asset manager with over $ 27 billion in assets under management. Canyon has invested roughly over the past decade $ 5.6 billion of debt and equity in over 200 transactions with a capitalization of approx. $ 15.3 billion of real estate assets with a focus on debt, value add and opportunistic strategies. With 29 years of experience, Canyon has built a broad spectrum of investment opportunities spanning property types, US regions, and project stages (including development, transition, and distressed / workouts). For more information, please visit: www.canyonpartners.com

About ACG

Founded in 1986, ACG is an experienced, vertically integrated, locally based real estate company that designs, develops, builds, acquires and manages multi-family homes. With a focus on suburban apartment buildings in the western US, ACG has developed and acquired more than 80 properties totaling over 16,000 units in 10 states. ACG’s current portfolio has approximately $ 1.5 billion in assets under management. More information is available at: www.acg.com

Media contact:

Kris Cole
Prosek partner
310.614.9208
Pro-canyon@prosek.com

BJ Kuula
American capital group
(206) 709-7264
bjkuula@acg.com

Canyon Partners and American Capital Group Announce Second Seattle-Area Multifamily Opportunity Zone Project

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/canyon-partners-and-american-capital-group-announce-second-seattle-area-multifamily-opportunity-zone-project-301338298 .html

SOURCE Canyon Partners LLC