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merican Capital Group (ACG) and PGIM Real Estate have formed a joint venture to develop The Foundry at Totem Lake, a multifamily project in Kirkland's Seattle submarket. Construction is set to begin in Q2 2025, with completion expected by Q4 2027.

    Located at 12700 and 12704 NE 124th St., the development will feature a seven-story residential building with three stories of structured parking. The community will offer 453 units with diverse floor plans, including studios, one-, two- and three-bedroom options. Residents will enjoy premium amenities such as a fitness center, game lounge, co-working spaces, and recreational areas.

    The Foundry at Totem Lake is situated within the Eastside's Innovation Triangle, providing access to thousands of jobs in the technology sector across Bellevue, Redmond, and Kirkland. The community will be walking distance to the Village at Totem Lake retail center, offering gourmet grocery, movie theater, boutique shops, and dining options.

    "The Kirkland submarket continues to demonstrate strong multifamily fundamentals," said BJ Kuula, CEO of 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."

    ACG is a full-service real estate investment and development company based in Bellevue, with over 16,000 multifamily units developed across the West Coast. PGIM Real Estate is the real estate investment and financing arm of Prudential Financial, managing $206 billion in gross assets under management.

    The joint venture aims to deliver much-needed housing in a growing market, leveraging ACG's development expertise and PGIM Real Estate's investment capabilities.