American Capital Group and Clarion Partners have created a joint venture to develop Enso, a 316-unit multifamily project in Lynnwood, Washington.
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. “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 of ACG.
The Enso 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.
The project will incorporate 20% of residential units as affordable units under Lynnwood’s MFTE (Multiple-Unit Housing Property Tax Exemption) program. The proposed construction includes a 7-story building with a gross floor area of 458,050 sq ft. Proposed construction improvements to the 1.9-acre site include all associated utilities, stormwater management, right-of-way improvements, and landscaping.
The property is situated near the LINK light rail public transportation, set to open in August, offering easy connections to the nearby employment centers of Seattle, Bellevue, Kirkland and Redmond.
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 37 years. Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe. With over $51 billion in total assets under management, Clarion Partners offers a broad range of both debt and equity real estate strategies across the risk/return spectrum to its more than 350 domestic and international institutional investors.
