Kennedy Wilson Opens Master-Planned Community in California

The Anacapa Canyon development is situated in Camarillo, Calif.

The property will feature market-rate for-sale homes and income-restricted apartments that will be reserved for seniors. Image courtesy of Kennedy Wilson

Kennedy Wilson has opened its latest master-planned community in Camarillo, Calif., welcoming first move-ins this month. The Anacapa Canyon development will total 589 units when fully built out.

The developer was awarded the 32-acre parcel from the California State University Channel Islands in Camarillo, Calif. The developer began demolition and infrastructure work in fall 2021, later starting construction for the individual communities throughout 2022. Kennedy Wilson is expecting to complete the community by the third quarter of this year.

When completed, Anacapa Canyon will offer 310 market-rate units, 109 for-sale homes and 170 income-restricted apartments for seniors across three luxury communities. Kennedy Wilson’s affordable housing joint venture, Vintage Housing, secured affordable housing tax credits for the affordable senior housing community, which is already fully preleased. Kennedy Wilson and Hearthstone will be minority partners to Comstock Homes, which will build and sell the for-sale homes and townhomes that are a part of the Anacapa Canyon development. The project is being tackled as a public-private partnership between CSUCI and Kennedy Wilson.

Partnering with CSUCI

Kennedy Wilson previously worked with CSUCI nearly a decade ago. In 2016, the company acquired the existing 386-unit Mission Hills apartment community and 15,000 square feet of retail space from CSUCI in the adjacent University Glen neighborhood. Since the acquisition, Kennedy Wilson has invested approximately $10 million into the luxury community to enhance the unit interiors and common amenities.

Kennedy Wilson has a development pipeline totaling upwards of 2,800 units in the western U.S. The projects include the second and third phases of construction for its 38 Degrees North project in Santa Rosa, Calif. In March 2022, Kennedy Wilson acquired three multifamily properties in the western U.S. states of Idaho, New Mexico and Washington, which total 905 units.

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