{"id":1004022913,"date":"2010-09-03T09:49:05","date_gmt":"2010-09-03T17:49:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004022913"},"modified":"2022-12-08T16:07:45","modified_gmt":"2022-12-09T00:07:45","slug":"kennedy-wilson-and-partner-purchase-400-unit-suburban-l-a-multi-family-property-for-81-5m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-and-partner-purchase-400-unit-suburban-l-a-multi-family-property-for-81-5m\/","title":{"rendered":"Kennedy Wilson and Partner Purchase 400-Unit Suburban L.A. Multi-Family Property for $81.5M"},"content":{"rendered":"<p>September 3, 2010<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Serenade-1.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004022914\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-and-partner-purchase-400-unit-suburban-l-a-multi-family-property-for-81-5m\/serenade-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Serenade-1.jpg\" data-orig-size=\"1024,768\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Picture 352&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 LaCasse Photography&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Serenade &#8211; 1\" data-image-description=\"&lt;p&gt;Picture 352&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Serenade-1.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Serenade-1.jpg\" alt=\"\" title=\"Serenade - 1\" width=\"300\" height=\"225\" class=\"alignright size-medium wp-image-1004022914\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Serenade-1.jpg 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Serenade-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/09\/Serenade-1.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Kennedy Wilson, having closed $1.1 billion of transactions over a seven-month period, has enhanced its portfolio with yet another asset, the 400-unit Serenade apartment complex in Oxnard, California, approximately 50 miles west of Los Angeles. The real estate investment company joined forces with RECP\/Urban Partners and Capri Capital Partners L.L.C., which acted on behalf of Capri Urban Investors L.L.C., to purchase the property from California Urban Investment Partners for $81.5 million. <\/p>\n<p>Serenade, a 14-structure resort-style apartment community in Ventura County, sits within the 702-acre River Park master planned development near the 101 freeway. Its acquisition by Kennedy Wilson, RECP\/Urban and Capri Capital served to recapitalize the property, which RECP\/Urban founding principal Paul Keller originally developed; his company is also the master developer of River Park. The transaction marks the second joint venture between Kennedy Wilson and RECP\/Urban, and an inaugural partnership endeavor between the real estate investment company and Capri Capital. <\/p>\n<p>Aside from taking the inescapable beating when a recession comes along, Ventura County&#8217;s apartment market is usually relatively sound, particularly given that it is a supply-constrained area. &#8220;It also has strong demographic trends toward household formations, there are decent schools, good weather and it provides good quality of life near Los Angeles but with less traffic,&#8221; Robert Hart, president and CEO of Kennedy Wilson Multifamily Management Group, told <em>CPE<\/em>. <\/p>\n<p>Now, as the Los Angeles apartment market enters recovery, so does the Ventura County market. &#8220;From what we&#8217;ve seen just this week, the market has clearly bottomed out,&#8221; Hart said. &#8220;Rents are on the rise and most properties are not doing concessions. Things are stabilizing.&#8221;  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The real estate investment company joined forces with RECP\/Urban Partners and Capri Capital Partners L.L.C., which acted on behalf of Capri Urban Investors L.L.C., to purchase the property from California Urban Investment Partners for $81.5 million. <\/p>\n","protected":false},"author":936,"featured_media":1004022914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742],"tags":[],"class_list":["post-1004022913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kennedy Wilson and Partner Purchase 400-Unit Suburban L.A. Multi-Family Property for $81.5M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-and-partner-purchase-400-unit-suburban-l-a-multi-family-property-for-81-5m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kennedy Wilson and Partner Purchase 400-Unit Suburban L.A. 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