Camarillo, Calif.—Kennedy Wilson has acquired a 386-unit apartment community, University Glen, in coastal Camarillo, Calif., for $81 million. The property sits adjacent to California State University Channel Islands (CI).
University Glen was built in phases between 2002 and 2006, and besides its apartment units, the community also includes about 30,000 square feet of retail. Though not student housing, strictly speaking, the property enjoys a resident population of university faculty, staff, and affiliates in addition to local area residents.
Cal State Channel Islands opened only in 2002 as a unit of the California State University system, and now enrolls about 6,100 students. Among other distinctions, the school operates a scientific research station on Santa Rosa Island, part of the island group for which the campus is named.
Kennedy Wilson plans a value-add strategy at University Glen, which will include the renovation of unit interiors and improving existing tenant amenities. The company will also create a new community center, leasing office, clubhouse, and a fitness center.
The buyer invested $18 million of equity, inclusive of closing costs, and secured a seven-year acquisition loan of $65 million through Freddie Mac at a rate of LIBOR + 2.48 percent. Kennedy Wilson’s total apartment portfolio now includes 132 communities with about 25,000 units, including eight properties and 2,811 units in Southern California.