American Capital Group and PGIM Real Estate Announce Joint Venture for Seattle-Area Multifamily Development

KIRKLAND, Wash.--(BUSINESS WIRE)-- American Capital Group (“ACG”), a full-service real estate investment and development company, and PGIM Real Estate, the real estate investment and financing arm of Prudential Financial, today announced a joint venture to develop The Foundry at Totem Lake, a multifamily project in the Kirkland submarket of Seattle. Construction is set to begin in Q2 2025, with completion expected by Q4 2027.

Located at 12700 and 12704 NE 124^th St., the development will feature a seven-story residential building, including three stories of structured parking. The community will offer 453 units with a diverse range of floor plans including studios, open-one, one-, two- and three-bedrooms. Residents will also enjoy premium amenities, including a resident lounge, a 7,000 square foot fitness and wellness center (including a yoga studio, steam room and sauna), a game and sports lounge, co-working spaces, a great room for resident-hosted events, art studio, kid zone, arcade, board game room and various recreational areas for community engagement.

The Foundry at Totem Lake is within the Eastside’s Innovation Triangle, providing access to thousands of jobs in the technology sector across Bellevue, Redmond and Kirkland, including Google’s Urban Campus, Microsoft’s newly expanded headquarters, Meta’s Reality Labs and Amazon’s Redmond and Bellevue campuses. The community will be walking distance to the newly developed Village at Totem Lake, a retail center offering approximately 400,000 square feet of gourmet grocery, movie theater, boutique shops and dining options.

“The Kirkland submarket continues to demonstrate strong multifamily fundamentals, with steady rent growth as the Seattle MSA ranks as one of the fastest growing cities in the U.S.,” said BJ Kuula, CEO, ACG. “With ongoing demand for quality apartment housing, The Foundry at Totem Lake’s proximity to major employers, transit arterials, retailers and recreation make it an attractive option to Kirkland’s residents, and we look forward to working with PGIM Real Estate to deliver this much needed housing.”

Based in Bellevue, ACG is an active multifamily investor and developer throughout the West Coast. The company has developed more than 16,000 multifamily units, including Enso @ Lynnwood, Kinect @ Lynnwood, Kinect @ Burien, Kinect @ Totem Lake, Kinect @ Shoreline and Kinect @ Southport.

About American Capital Group

Founded in 1986, ACG is an experienced, vertically integrated real estate company that designs, develops, builds, acquires, and manages multifamily properties. With a focus on multifamily opportunities in the Western U.S., ACG has developed and acquired more than 110 properties totaling over 22,000 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 PGIM Real Estate

PGIM Real Estate is the world’s third-largest real estate investment manager, with $206 billion in gross assets under management and administration,¹ and real estate professionals located in 35 cities worldwide. Built on our belief that strong performance is fueled by dynamic expertise, our global network of on-the-ground specialists is dedicated to opportunity creation, optimization, and timely capital deployment amid shifting market conditions.

Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect. We strive to integrate sustainable best practices throughout our investment, asset management, risk and talent management processes for the benefit of our clients, employees, and the communities in which we operate. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. of the United States (NYSE: PRU). For more information visit pgimrealestate.com.

1 As of Dec. 31, 2024. Net AUM is $132 billion and AUA is $47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024. This ranking represents AUM as of 6/30/24. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.

 

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Prosek Partners

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Source: American Capital Group