LYNNWOOD, Wash.--(BUSINESS WIRE)--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.