Kennedy-Wilson Holdings, Inc. (KW Quick QuoteKW - Free Report) has acquired a 100% ownership stake in a 386-unit multifamily community, for $81 million. The acquisition of this high-quality asset, located in coastal Camarillo, CA, is likely to be accretive for the Beverly Hills, CA-based real estate investment and services company, going forward.

Importantly, this property is located close to the California State University Channel Islands and the company made equity infusion of $18 million and secured a loan of $65 million through Freddie Mac to finance the purchase. The secured loan with a term period of seven years has a rate of interest of London interbank offered rate plus 2.48%.  Kennedy-Wilson has a record of conducting successful institutional asset management programs. It believes that acquisition will be gainful to the students, faculty and the staff of California State University and the residents of the University Glen community.

Kennedy-Wilson offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Presently, its global apartment portfolio comprises 132 communities with around 25,000 units. This includes 8 communities and 2,811 units in Southern California.

KENNEDY-WILSON Price

 

KENNEDY-WILSON Price | KENNEDY-WILSON Quote

Kennedy-Wilson currently has a Zacks Rank #3 (Hold).

Investors interested in the real estate operations industry sector can consider stocks like Colliers International Group Inc. (CIGI Quick QuoteCIGI - Free Report) , Henderson Land Development Co. Ltd. (HLDCY Quick QuoteHLDCY - Free Report) and Sun Hung Kai Properties Limited (SUHJY Quick QuoteSUHJY - Free Report) . All these stocks carry a Zacks Rank #2 (Buy).

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