American Capital Group and Clarion Partners Announce Joint Venture to Develop New Lynnwood Multifamily Project
2024年7月17日 - 10:00PM
ビジネスワイヤ(英語)
American Capital Group (“ACG”), a full-service real estate
investment and development company, and Clarion Partners, a leading
real estate investment manager, today announced a joint venture to
develop Enso, a 316-unit multifamily project in Lynnwood, Wash.
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.
Located at 4001 198th St. SW, Enso will feature over 4,200
square feet of retail space plus ample parking in addition to the
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. It also includes a dog wash and bike storage.
The property is situated along Interstate 5 and is less than a
five-minute walk from “LINK,” the light rail public transportation
that is set to open in August 2024, offering residents easy
connections to the nearby employment centers of Seattle, Bellevue,
Kirkland and Redmond. Snohomish County, where this development
sits, leads the entire nation in wage growth, demonstrating the
economic opportunity in the region.
“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, ACG.
“We look forward to leveraging our experience and deep
relationships in the region to bring this much needed and
attractive housing to market for residents.”
“Clarion is excited to develop our first multifamily project in
Lynnwood, particularly in such a prime location,” said Rick
Schaupp, Clarion Partners Managing Director and Portfolio Manager.
“Enso’s proximity to major retail and grocery hubs, the new light
rail station, and key commuting corridors will prove incredibly
convenient for tenants and add to the live-work-play opportunities
in this fast-growing area of Greater Seattle.”
Based in Bellevue, ACG is an active multifamily investor and
developer throughout the West Coast. The company has developed more
than 16,000 multifamily units, including Kinect @ Lynnwood, which
sits just one block away from Enso, Kinect @ Burien, Kinect @ Totem
Lake, Kinect @ Shoreline and Kinect @ Southport. Kinect @ Shoreline
and Kinect @ Southport will both be completed by the Fall of
2024.
Pacific Life Insurance Company is providing financing for the
project.
About American Capital Group
Founded in 1986, ACG is an experienced, vertically integrated
real estate company that designs, develops, builds, acquires, and
manages multifamily properties. With a focus on multifamily
opportunities in the Western U.S., ACG has developed and acquired
more than 110 properties totaling over 21,000 units across 10
states. ACG’s current portfolio consists of approximately $2
billion in assets under management.
For more information visit: www.acg.com.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser with
FCA-authorized and FINRA member affiliates, has been a leading U.S.
real estate investment manager for more than 40 years.
Headquartered in New York, the firm has offices in major markets
throughout the U.S. and Europe. With approximately $76.6 billion in
total assets under management as of December 31, 2023, Clarion
Partners offers a broad range of both debt and equity real estate
strategies across the risk/return spectrum to its more than 500
domestic and international institutional investors. More
information is available at www.clarionpartners.com.
About Pacific Life Insurance Company
Pacific Life provides a variety of products and services
designed to help individuals and businesses in the retail,
institutional, workplace benefits, and reinsurance markets achieve
financial security. Whether your goal is to protect loved ones or
grow your assets for retirement, Pacific Life offers innovative
life insurance and annuity solutions, as well as mutual funds, that
provide value and financial security for current and future
generations. Pacific Life has a demonstrated track record in
providing debt and equity capital for the acquisition and
development of select real estate properties. Supporting our
policyholders for more than 150 years, Pacific Life is a Fortune
500 company headquartered in Newport Beach, California. For
additional company information, including current financial
strength ratings, visit www.PacificLife.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240717015160/en/
Media: Prosek Partners 310-652-1411
pro-ACG@prosek.com