ACG, Artemis sell newly developed multifamily community for $242m

American Capital Group (ACG), a full-service real estate investment and development company, and Artemis Real Estate Partners announced the $242 million sale of the Uplund Apartments in Kirkland, Wash., a Seattle suburb.

ACG and Artemis formed a joint venture to acquire the project mid-development in September 2020, completing the multifamily community in second quarter 2021. The sale marks the largest multifamily transaction in Kirkland history.

Located at 11723 NE 117th Court, the Uplund Apartments feature two six-story buildings comprising 409 apartment homes. Ten percent of the apartments are designated affordable housing. CBRE represented ACG and Artemis in the sale.

“As Kirkland continues to benefit from a surge of population and job growth, we saw an opportunity to supply the area with much-needed housing that easily connects residents to nearby employers and entertainment centers,” said BJ Kuula, president, ACG.

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