Kennedy Wilson has revealed plans to develop a mixed-residential community in Camarillo, California. The real estate company has signed a 32-acre ground lease with California State University Channel Islands for the development.
The project has yet to be named, but will include a total of 589 housing units. There will be 310 market-rate apartments, 109 for-sale homes and 170 income-restricted apartments for seniors. The developer will also include amenities that will serve the university, which is located next to the site. The project is set to break ground before the end of the year, and it will deliver in 2024.
Kennedy Wilson will develop the market-rate apartments, and its affordable housing joint venture Vintage Housing, will develop the 170 units for income-qualified seniors with affordable housing tax credits and other financing sources. Comstock Homes will build with for-sale housing with Kennedy Wilson serving as a minority partner.
This project is part of an ongoing public-private partnership between Kennedy Wilson and California State University Channel Islands. According to CSUCI Interim President Richard Yao, this project will “generate a significant revenue stream to benefit our campus’s future growth for years to come, as well as provide housing options for our faculty, staff and other community members.”
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Kennedy Wilson’s seven-year partnership with the school includes the acquisition of University Glen, a 386-unit apartment community and 15,000 square feet of retail from CSUCI and $8 million in upgrades to unit interiors and the community’s amenities; and, the commitment of $1.5 million for the future construction of an Early Childhood Education center on the CSUCI campus, which will provide affordable, high-quality early childhood education to the region’s underserved population.
When Kennedy Wilson isn’t busy fulfilling its partnership with CSUCI, it is growing other platforms in its business. Earlier this year, Kennedy Wilson’s debt investment platform has hit $1 billion in secured loans across the Western US. The team has secured a full range of debt products, including first mortgage loans, mezzanine loans and other subordinate debt, all of which is backed by a group of well-capitalized sponsors.