American Capital Group has added another Washington multifamily project to its list of ongoing residential projects. The company broke ground on Kinect @ Shoreline earlier this month and expects to complete the 240-unit community by the fourth quarter of 2024. ACG is tackling the project fully in-house, tasking its American Home Builders and ACG Design divisions to design and build the community.
Kinect @ Shoreline will have its units spread throughout a six-story apartment building, where 20 percent of the units will be designated as affordable. American Capital Group told Multi-Housing News that 10 percent of the studios and one-bedrooms will be reserved for tenants making up to 70 percent of the area median income, while the other 10 percent of two- and three-bedroom units will be for households making 80 percent of AMI.
American Capital Group is planning to build the units with high-end finishes, while the community will offer a fitness center, a golf simulator, a yoga studio, a theater, co-working spaces, club and game rooms and two courtyards. The community is also expected to have 2,000 square feet of retail and structured parking.
Located at 18553 Eighth Ave. NE, Kinect @ Shoreline will be next to Interstate 5 and will be adjacent to a future Sound Transit Light Rail station. The 185th Street station is expected to open in 2024, which would align with the community’s lease-up process.
“The Kinect @ Shoreline development is aligned with ACG’s strategy to develop high-quality apartment communities in transit-oriented suburban locations with strong multifamily fundamentals, including population and job growth, that offer connectivity to nearby urban centers,” BJ Kuula, president of ACG, told MHN.
More Western U.S. projects
Based in Bellevue, Wash., American Capital Group has been focusing on multifamily opportunities in the Western U.S. The company has developed more than 6 million square feet of multifamily space, including the recently completed Kinect @ Lynwood, a 239-unit project in Lynwood, Wash.
Besides Kinect @ Shoreline, the firm is currently working on the 230-unit Kinect @ Burien that’s expected to be completed in 2023. Further down its development pipeline, the company has the 322-unit Kinect @ Southport in West Sacramento, Calif. that it broke ground on earlier this month and expects to complete in 2024. A year later, the firm is hoping to complete the 484-unit Kinect @ Totem Lake in Kirkland, Wash.