Real estate investment company Kennedy Wilson acquired the University Glen apartments near CSU Channel Islands for $81 million, the company announced on Aug. 22.
The Camarillo property that was built in phases between 2002 and 2006 includes 386 apartments and about 30,000 square feet of retail. University Glen houses CSUCI faculty, staff and affiliates as well as area residents.
Kennedy Wilson plans to renovate the units, improve tenant amenities and build a new community center, leasing office, clubhouse and fitness center.
“We are excited to acquire this high-quality asset in close proximity to CSU Channel Islands,” Nicholas Bridges, managing director of Kennedy Wilson Multifamily Investments, said in a news release. “We believe our proven institutional asset management program will be very beneficial to CI, its students, faculty and staff, and the residents of the University Glen community.”
Kennedy Wilson invested $18 million of equity and secured a seven-year loan of $65 million to facilitate the deal. The company’s portfolio includes 25,000 units in 132 communities throughout the world, including eight communities and 2,811 units in Southern California.
CSUCI is adding 600 beds to its on-campus housing stock for incoming freshmen this fall with the Santa Rosa Village project, a four-story, 120,000-square-foot complex. The $58 million project is funded through the CSU system’s Revenue Bond Program and will be repaid with student housing fees over a 30-year period.
• Contact Alex Kacik at [email protected]