KIRKLAND, Washington – (COMMERCIAL THREAD) – American Capital Group (“ACG”), a full-service real estate investment and development firm, today announced the acquisition of 4.59 acres of land in the Totem Lake neighborhood of Kirkland, Washington , for $ 30 million. The land will be used for the development of a five-story residential and commercial building, comprising 493 apartments, 20% of which will be workforce housing, and over 11,000 square feet of retail space on the ground floor. of the road.
Located at 12700 and 12704 NE 124e Street construction on the property, led by ACG, is expected to begin in spring 2023. The development site is centrally located to the region’s major employment and entertainment centers, including Seattle, Redmond and Bellevue. Close to I-405, residents will be easily connected to major employers such as Amazon, Meta (Facebook), Google and Microsoft. The community location will also provide residents with walking 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 population growth of nearly 20% since 2010, with more than 6,000 businesses expanding in the region, driven by advanced technology and Fortune 500 companies. Job growth in the Seattle MSA is expected increase by 43% over the next 10 years. Google, Amazon and Microsoft have plans to expand their existing office space, which together will create 40,000 new jobs in the region.
“The influx of well-paying tech jobs into greater Seattle has attracted a number of new residents to the area, with Kirkland becoming a popular lifestyle destination in recent years,” said BJ Kuula, president of ACG. “We look forward to leveraging our local market expertise to meet the needs of Kirkland’s growing community and meet the demand for well-located living options that offer convenience and accessibility to all that Seattle has to offer. ”
The community will include a mix of studios, one, two and three bedrooms as well as upscale amenities including common areas with cafes and kitchens, resident lounges, barbecue areas and a fitness center. .
Based in Bellevue, ACG has been an active multi-family investor and developer throughout the Pacific Northwest. The company recently acquired two multi-family communities in downtown Seattle and developed more than 6,000,000 square feet of multi-family space in the area, including the Uplund and Kinect @ Lynnwood apartments, 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 multi-family properties. With a focus on suburban multi-family opportunities in the western United States, ACG has developed and acquired over 80 properties totaling over 16,000 units in 10 states. ACG’s current portfolio consists of approximately $ 2 billion in assets under management.
For more information visit: www.acg.com