American Capital Group Acquires Land for Mixed-Use Development Project in Kirkland, Wash.
KIRKLAND, Wash.--(BUSINESS WIRE)--Jan 10, 2022--
American Capital Group (“ACG”), a full-service real estate investment and development company, today announced the acquisition of 4.59 acres of land in the Totem Lake neighborhood of Kirkland, Wash., for $30 million. The land will be used for the development of a five-story residential and retail property, featuring 493 apartment units, 20% of which will be workforce housing, and more than 11,000 square feet of ground floor retail.
Located at 12700 and 12704 NE 124 th Street, construction of the property, led by ACG, is expected to begin in Spring 2023. The development site is centrally located to the area’s major employment and entertainment centers, including Seattle, Redmond and Bellevue. Proximate to I-405, residents will be easily connected to major employers such as Amazon, Meta (Facebook), Google and Microsoft. The community’s location will also provide residents walkable access to the Village of Totem Lake, which includes 360,000 square feet of retail anchored by Whole Foods, Trader Joe’s and a luxury Cinemark movie theater.
The development project comes at a time of rapid growth for the greater Seattle area. Kirkland has experienced nearly 20% population growth since 2010, with more than 6,000 businesses expanding to the region, driven by leading technology and Fortune 500 companies. Job growth in the Seattle MSA is expected to increase by 43% over the next 10 years. Google, Amazon and Microsoft have planned expansions to their existing office spaces underway, which will provide a combined 40,000 new jobs to the area.
“The influx of high-paying technology jobs in greater Seattle has attracted a number of new residents to the area, with Kirkland becoming an in-demand living destination in recent years,” said BJ Kuula, President, ACG. “We look forward to leveraging our local market expertise to meet the needs of Kirkland’s growing community and address demand for well-located living options that offer convenience and accessibility to all Seattle has to offer.”
The community will feature a mix of studio, one-, two- and three-bedroom layouts as well as high-end amenities including common areas with cafes and kitchens, resident lounges, BBQ areas and a fitness center.
Based in Bellevue, ACG has been an active multifamily investor and developer throughout the Pacific Northwest. The company recently acquired two multifamily communities in Downtown Seattle, and has developed more than 6,000,000 square feet of multifamily space in the region, including the Uplund Apartments and Kinect @ Lynnwood, completed in 2021, as well as Morningstar Kirkland and Kinect @ Burien, slated for completion in 2022 and 2023, respectively.
Founded in 1986, ACG is an experienced, vertically integrated, locally based real estate company that designs, develops, builds, acquires and manages multifamily properties. With a focus on suburban multifamily opportunities in the Western U.S., ACG has developed and acquired more than 80 properties totaling over 16,000 units across 10 states. ACG’s current portfolio consists of approximately $2 billion in assets under management.
For more information visit: www.acg.com
View source version on businesswire.com:https://www.businesswire.com/news/home/20220110005258/en/
CONTACT: Prosek Partners
KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON
INDUSTRY KEYWORD: RETAIL OTHER RETAIL RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY URBAN PLANNING
SOURCE: American Capital Group
Copyright Business Wire 2022.
PUB: 01/10/2022 09:00 AM/DISC: 01/10/2022 09:02 AM