Kennedy Wilson Acquires 386-Unit Multifamily Community in Ventura County for $81M
Acquisition brings Southern California apartment portfolio to over 2,800
units
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Global real estate investment company Kennedy
Wilson (NYSE:KW) today announced that the company acquired a 100%
interest in a 386-unit multifamily community in coastal Camarillo,
California for $81 million. The property sits adjacent to California
State University Channel Islands. The company invested $18 million of
equity (inclusive of closing costs) and secured a 7-year loan of $65
million through Freddie Mac at a rate of LIBOR + 2.48% to acquire this
wholly-owned property.
“We are excited to acquire this high quality asset in close proximity to
CSU Channel Islands (“CI”),” said Nicholas Bridges, Managing Director of
Kennedy Wilson Multifamily Investments. “We believe our proven
institutional asset management program will be very beneficial to CI,
its students, faculty and staff, and the residents of the University
Glen community.”
University Glen is a class-A apartment community located in Camarillo,
CA. The property was built in phases between 2002 and 2006, and consists
of 386 apartments and approximately 30,000 sq. ft. of retail. Given its
immediate proximity and association with CI, University Glen enjoys a
resident population of CI faculty, staff, and affiliates in addition to
local area residents. Kennedy Wilson intends to implement a value-add
strategy, which will include the renovation of unit interiors, improving
existing tenant amenities and the creation of a new community center,
leasing office, clubhouse, and a fitness center.
Kennedy Wilson’s global apartment portfolio includes 132 communities
with approximately 25,000 units, including eight communities and 2,811
units in Southern California.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. We
own, operate, and invest in real estate both on our own and through our
investment management platform. We focus on multifamily and commercial
properties located in the Western U.S., UK, Ireland, Spain, Italy and
Japan. To complement our investment business, the Company also provides
real estate services primarily to financial services clients. For
further information on Kennedy Wilson, please visit www.kennedywilson.com.
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are
“forward-looking statements” within the meaning of U.S. federal
securities laws. These forward-looking statements are estimates that
reflect our management’s current expectations, are based on assumptions
that may prove to be inaccurate and involve known and unknown risks.
Accordingly, our actual results or performance may differ materially and
adversely from the results or performance expressed or implied by these
forward-looking statements, including for reasons that are beyond our
control. For example, we may not be able to maintain our current
acquisition or disposition pace or identify future properties to acquire
on terms we consider attractive, and our current property portfolio may
not perform as expected. Furthermore, the capitalization rate of our
investments represents the net operating income of an investment for the
year preceding its acquisition or disposition divided by the purchase or
sale price. Capitalization rates represent historical performance and
are not a guarantee of future net operating income. Accordingly, you
should not unduly rely on these statements, which speak only as of the
date of this press release. We assume no duty to update the
forward-looking statements, except as may be required by law.
KW-IR

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Investors
Kennedy Wilson
Daven Bhavsar
Director of
Investor Relations
(310) 887-3431
[email protected]
Source: Kennedy Wilson