American Capital Group, Artemis Real Estate Partners Sell Newly Developed Multifamily Community in Kirkland, Wash.
Sale marks the largest multifamily transaction in Kirkland and one of the largest suburban multifamily trades in Greater Seattle
KIRKLAND, Wash.–(BUSINESS WIRE)–American Capital Group (“ACG”), a full-service real estate investment and development company, and Artemis Real Estate Partners (“Artemis”), a real estate investment manager, today announced the $242 million sale of the Uplund Apartments in Kirkland, Wash., a Seattle suburb. ACG and Artemis formed a joint venture to acquire the project mid-development in September 2020, completing the multifamily community in Q2 2021. The sale marks the largest multifamily transaction in Kirkland history.
Located at 11723, NE 117th Ct., the Uplund Apartments feature two six-story buildings comprising 409 apartment homes. Ten percent of the apartments are designated affordable housing. CBRE represented ACG and Artemis in the sale.
“As Kirkland continues to benefit from a surge of population and job growth, we saw an opportunity to supply the area with much needed housing that easily connects residents to nearby employers and entertainment centers,” said BJ Kuula, President, ACG. “We are pleased with the result and thank Artemis for their partnership and contributions in completing this project within our anticipated timeline.”
Situated within Seattle’s Innovation Triangle, the region has attracted several high-paying technology employers, including Microsoft, Amazon, Google and Meta. Uplund Apartments’ proximity to convenient transportation options, including I-405 and Highway 520, easily connects residents to nearby employment hubs and metro areas such as Seattle, Bellevue and Everett. The community is also a short drive from downtown Kirkland.
“Demand for modern, well-located multifamily in the Seattle-area remains strong given its robust employment opportunities,” said Richard Banjo, Co-President, Artemis. “With ACG’s local market knowledge and strong track record, we were confident in their ability to execute on the business plan.”
Based in Bellevue, ACG is an active multifamily investor and developer throughout the Pacific Northwest. The company has developed more than 6,000,000 square feet of multifamily space in the region, including Kinect @ Burien and Kinect @ Totem Lake, slated for completion in 2023 and 2025, respectively.
About American Capital Group
Founded in 1986, ACG is an experienced, vertically integrated, locally based real estate company that designs, develops, builds, acquires and manages multifamily properties. With a focus on suburban multifamily opportunities in the Western U.S., ACG has developed and acquired more than 80 properties totaling over 16,000 units across 10 states. ACG’s current portfolio consists of approximately $2 billion in assets under management.
For more information visit: www.acg.com.
About Artemis Real Estate Partners
Artemis Real Estate Partners is a real estate investment manager based in metropolitan Washington, DC, with offices in New York City, Los Angeles, and Atlanta. Artemis has raised approximately $8.2 billion of capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, industrial, office, retail, hospitality, self-storage, senior housing and medical office. Artemis specializes in joint venture partnerships with established, diverse and emerging operating partners and direct investments. More information can be found at www.artemisrep.com.
Contacts
Media:
Prosek Partners
310-652-1411
pro-ACG@prosek.com