Enso project in Lynnwood aims to address Seattle area’s affordable housing demand with construction starting August 2024

Lynnwood, Washington – American Capital Group (ACG) has partnered with Clarion Partners to create a new multifamily housing project in Lynnwood in an ambitious attempt to meet the rising demand for affordable housing in the Seattle area. The project, named Enso, with building scheduled to start in August 2024, will offer 316 residential apartments by the summer of 2026.

Pacific Life Insurance Company is backing the project as the construction lender, highlighting the confidence in the venture’s success and its significance in the region. Enso results from rising housing prices that leave many in the neighborhood unable to afford homeownership.

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“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 is built with modern living in mind. It will offer 2,600 square feet of co-working space, a 3,000-square-foot exercise facility, a 2,400-square-foot game room, and a 2,600-square-foot resident lounge. These facilities seek to give its occupants a balanced way of life combining leisure with employment.

Plans for the seven-story tower call for a 458,050 square foot gross floor space. Under Lynnwood’s Multiple-Unit Housing Property Tax Exemption (MFTE) plan, 20% of its units will also be used as affordable homes. The development will also concentrate on improving the local infrastructure, including landscaping, stormwater control, and utility enhancements.

Located near the upcoming LINK light rail public transportation system, Enso offers convenient access to major employment hubs in Seattle, Bellevue, Kirkland, and Redmond. From young professionals to small families seeking decent living outside the city core yet near important businesses, this connection is likely to draw a varied spectrum of occupants.

The Enso project

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With more than 37 years of experience and over $51 billion under management, seasoned real estate investment firm Clarion Partners brings the project great knowledge and financial support. The firm’s large portfolio and track record of wise real estate investment guarantees a strong basis for the Enso project.

The Enso project, which promises to satisfy the immediate needs for affordable and accessible housing in the area, is a lighthouse of growth in the multifamily housing industry as Lynnwood gets ready for the ground-breaking of this major construction.