Port Ludlow
REAL ESTATE
Rising Costs Impacting Puget Sound Apartment Construction in 2024
The Puget Sound region, encompassing King, Snohomish, Pierce, and Kitsap counties, has seen a dynamic shift in apartment development over the past decade. A recent overview from Kidder Mathews’ Simon | Anderson Multifamily Team provides insights into the current state of the development pipeline, which includes more than 150,000 planned apartment units and nearly 800 individual developments.
American Capital Group, Clarion Form JV for Lynnwood MF Project
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.
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