Canyon Partners and American Capital Group plan second Seattle-area multifamily OZ project

Canyon Partners Real Estate and American Capital Group have plans to develop Kinect @ Burien, a 230-unit apartment project located in the Seattle suburb of Burien, Wash. 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, another apartment project in nearby Seattle suburb Lynnwood. In total, Canyon has invested in nine Qualified Opportunity Zone projects to date, capitalizing more than $700 million of real estate development projects.

Kinect @ Burien is located in downtown Burien one block west of Burien Town Square. The project will be conveniently located within reach of many of the area’s major employment hubs, including Kent Valley, Seattle-Tacoma International A