Canyon Partners & American Capital Plan Second Seattle OZ Build

Canyon Partners and American Capital Group are embarking on another opportunity zone development project in the Seattle area together. Kinect @ Burien is the joint venture’s second opportunity zone project in the Seattle area. The 230-unit apartment building is located in Burien, an opportunity zone district.

The project will cost upwards of $75 million to build. Canyon has invested $25.6 million in equity, and the joint venture has secured a $51.5 million senior construction loan. Canyon alone has worked on more than nine opportunity zone developments, representing a total of $700 million of real estate development projects. Those projects include Kinect @ Lynnwood, the previous apartment property developed by its joint venture with American Capital Group in Seattle.