Canyon Partners Real Estate and American Capital Group (ACG) have formed a joint venture for in the development of Kinect @ Lynnwood, a 239-unit apartment project in the Seattle suburb of Lynnwood.
Canyon invested $25 million of equity into this project, which is located in a qualified opportunity zone. The joint venture also simultaneously closed on a $45.5 million construction loan from U.S. Bank. Construction is slated to begin in June 2020 and achieve completion in the summer of 2022.
Kinect @ Lynnwood's location offers accessibility to major employment and activity centers, including downtown Seattle, Bellevue, Redmond and Everett. It is strategically located less than 1,000 feet from the future Lynnwood City Center light rail station, which is expected to open in 2024 as part of Sound Transit's Lynnwood Link Extension project. Once completed, the transit system will provide residents with direct service to the University of Washington, downtownÂ
