BEVERLY HILLS, Calif .– (COMMERCIAL THREAD) – Building on a unique public-private partnership with California State University Channel Islands (CSUCI), global real estate investment firm Kennedy Wilson (NYSE: KW) signed a long-term land lease for a plot of 32 acres in Camarillo, California is owned by the University and has unveiled plans for a new mixed residential community.
The soon-to-be named development project contributes to Kennedy Wilson’s growing global development pipeline totaling approximately 4,700 multi-family units that are currently expected to be delivered by 2024 and will expand Kennedy Wilson’s global multi-family portfolio to more than 33,000 units once that they will be completed.
Kennedy Wilson was awarded the development opportunity via a public tender and reallocated the land for a master plan that will provide 310 apartments at market rate, 109 houses for sale, 170 low income apartments for people elderly, as well as housing for the service of the community. amenities at the site adjacent to the university at the western end of the Santa Monica Mountains.
“The development of this new community is an important step in our wider partnership with CSUCI and will contribute significantly to a region which lacks high quality apartments and houses for teachers, staff and local residents,” said said Kennedy Wilson chief executive Nick Bridges. , which structured the partnership with the CSUCI. âA lot of people are rethinking how and where they want to live, and we continue to see a tendency for residents to move from downtown areas to communities that have access to the outdoors, are switchable to large employment centers, and are relatively affordable. Camarillo and CSUCI are uniquely positioned to benefit from this renewed interest in suburban life.
As lead developer, Kennedy Wilson has assembled a leading team that will lead the way in the fourth quarter of 2021. Kennedy Wilson will develop the wholly-owned apartments and Kennedy Wilson’s affordable housing joint venture, Vintage Housing, will use a combination of credits. affordable housing tax and other sources of funding to build and provide 170 residences to eligible seniors. The townhouse sites will be built and sold by Comstock Homes in a joint venture that includes Kennedy Wilson as a minority partner, as well as Hearthstone.
“We are delighted to see the site redevelopment process begin and move forward with a pioneering public-private partnership that will also generate a significant revenue stream for the future growth of our campus for years to come. , as well as providing housing options for our faculty, staff and other community members, âsaid CSUCI Interim President Richard Yao, Ph.D.â We appreciate our partnership with Kennedy Wilson and their proven commitment to building and sustaining strong communities, and we look forward to working together to bring our shared vision to life. ”
The project is a continuation of a seven-year partnership between Kennedy Wilson and CSUCI. Kennedy Wilson initially acquired a wholly-owned 386 unit apartment community and CSUCI’s 15,000 square feet of retail space in the adjacent Glen University neighborhood in 2016 and has since invested approximately $ 8 million to improve inside units and community amenities.
Kennedy Wilson also committed $ 1.5 million for the future construction of an early childhood education center on the CSUCI campus to provide affordable and high quality early childhood education to the population at risk. served from the region. The center will serve as a training experience for students of the University’s School of Education and provide support to student-parents in achieving their educational goals.
Including this 32-acre development in Camarillo, Calif., Kennedy Wilson is progressing on a 3,800-unit development pipeline in the western United States, including the second phase of construction at 38 Â° North in Santa Rosa, in California; The Oxbow in Bozeman, Montana; and Dovetail in Boise, Idaho. In the Western United States development pipeline, approximately 1,600 units are under construction through Vintage Housing, Kennedy Wilson’s growing affordable and senior housing joint venture. In Ireland, where Kennedy Wilson is one of the country’s most active multi-family property investors and operators, nearly 1,000 new multi-family units are in various stages of development in top projects in Dublin, including The Cornerstone on the former site of Leisureplex, The Grange and Coopers Cross.
About Kennedy Wilson
Kennedy Wilson (NYSE: KW) is a leading global real estate investment firm. We own, operate and invest in real estate through our balance sheet and through our investment management platform. We focus on multi-family and office buildings located in the Western United States, United Kingdom and Ireland. For more information on Kennedy Wilson, please visit: www.kennedywilson.com.
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