Kennedy Wilson has an eye on California’s residential property market. The real estate investment firm acquired a stake in two multifamily housing projects developed by the Emerald Fund, a San Francisco-based residential real estate developer. The Marina Cove and Marina Shores complexes, located in Richmond, California in San Francisco’s Bay Area, were acquired through the firm’s funds, the Bay Fund Opportunity vehicle, Bay Area Smart Growth Fund II and the firm’s $300 million (€190 million) KW Property Fund III.
Both Marina Cove and Marina Shores are located on the waterfront. Each complex features a fitness center and swimming pool. The properties together total 712 units; 196 units have already been sold as condominiums.
The firm also acquired 138 finished lots in Lancaster, California through its Kennedy Wilson Residential Development and Investments Group. The portfolio of four communities was acquired from Richmond American Homes. The 138 finished lots are expected to house detached single family homes, according to the firm. “The portfolio is being acquired at a time where values are at historic lows and future projections for growth are high,” said Stuart Cramer, senior managing director at Kenney Wilson.
Kennedy Wilson is also targeting the California office market, last week acquiring the 16-story 6100 Wilshire office building in Los Angeles. In April this year, it also purchased three office buildings in Burbank, California, an area known for its large number of media and entertainment companies, for $94 million.
Founded in 1977, Beverly Hills, California-based Kennedy Wilson has offices throughout the US and Japan. Its fund management division, KW Fund Management, focuses on the acquisition, management, repositioning and disposition of real estate assets.