CAMARILLO, CA - Global real estate investment company Kennedy Wilson 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.