Canyon Partners JV to Begin Seattle-Area Project
Comprising 230 units, the joint venture's second project in the metro is scheduled for delivery in 2023.
Canyon Partners Real Estate and American Capital Group have teamed up to develop Kinect @ Burien, a 230-unit mid-rise project in Burien, Wash. Canyon has invested $25.6 million into the planned development.
Construction is slated to begin this summer and is expected to last 24 months, with the property welcoming its residents in 2023.
This June, according to King County records, the joint venture has acquired the parking lot, encompassing two parcels, intended for the planned project for $3.5 million. The partnership has also secured a $51.5 million construction loan from U.S. Bank.
Kinect @ Burien
Kinect @ Burien is located within an opportunity zone between Southwest 150th and 151st streets. Once completed, the community will feature a combination of studio, one- and two-bedroom apartments. The community will provide a fitness center as well as various outdoor community areas.
Twenty percent of Kinect @ Burien’s apartments will serve as affordable housing in accordance with the City of Burien’s Multifamily Tax Exemption program. According to the city, the reserved units will be available to residents earning 80 percent of the area median income.
The property places residents within a block of Burien Town Square and within walking distance of several shopping and dining options. Seattle-Tacoma International Airport is less than 4 miles away, while downtown Seattle is roughly 11 miles north.
This planned project marks the joint venture’s second development in as many years. Last May, the companies teamed up to build Kinect @ Lynnwood. The 239-unit community in Seattle’s Lynnwood suburb is scheduled for delivery in 2022.