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SCVNews.com | Townhomes at Lost Canyon Sell for $61 Mil. | 08-30-2016
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January 21
1914 - Signal newspaper owner-editor Scott Newhall born in San Francisco [story]


Lost_Canyons_Large[KW] – Global real estate investment company Kennedy Wilson announced Tuesday that the company acquired The Townhomes at Lost Canyon, a 157-unit multifamily community in Canyon Country, for $61 million. The company invested $19 million of equity (inclusive of closing costs) and secured a 10-year fixed rate loan of $43 million through Fannie Mae at 3.63% to acquire this wholly-owned property.

“We are excited to expand our presence in the greater Los Angeles area with another high quality asset,” said Nicholas Bridges, Managing Director of Kennedy Wilson Multifamily Investments. “We believe this community will attract those who want access to LA’s jobs and amenities but who also desire an outstanding public school system and a high quality of life.”

The Townhomes at Lost Canyon is a class-A apartment community located in Santa Clarita, CA. Situated on 12.5 acres, the property was built in 2013 and is entirely comprised of 3 bed, 2.5 bath townhomes featuring high-end condominium-level specs and all with two-car, direct access garages. Best-in-class amenities at the property include a swimming pool and spa, fully equipped fitness center, enclosed dog park, and a kid’s playground. The Santa Clarita Valley is a thriving center for high-paying industry clusters such as advanced manufacturing, medical devices, aerospace and defense, information technology, and digital media and entertainment.

Kennedy Wilson’s global apartment portfolio includes 133 communities with approximately 26,000 units, including 25 communities and 8,808 units in which the company has an approximate 99% ownership interest.

 

About Kennedy Wilson

Kennedy Wilson is a global real estate investment company. We own, operate, and invest in real estate both on our own and through our investment management platform. We focus on multifamily and commercial properties located in the Western U.S., UK, Ireland, Spain, Italy and Japan. To complement our investment business, the Company also provides real estate services primarily to financial services clients. For further information on Kennedy Wilson, please visit www.kennedywilson.com.

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26 Comments

  1. Where would you want to buy a town home or with that amount of money you can buy a mansion with swimming pool jacuzzi and theater and you know the works that is so stupid

  2. Melanie silver says:

    The rent for these unit are outrageous also. A 3 bedroom starts at 2993 to 3500.00

  3. That is utterly ridiculous

  4. Kathy Tapia Kathy Tapia says:

    Simone Markenson these are the ones..

  5. Raise the rents and kick the widows out!

  6. I wonder how much the rent will be!? Is sad that to afford this type of townhouse you have to work all day everyday

  7. What a joke !!! And this is why im leaving CA

  8. Bob Dixon Bob Dixon says:

    These lots have not been built, it’s all properties in the new project on lost cyn..l planned community,high rise buildings,mall,shopping,park, train station,water filtration unit…..

  9. cc says:

    The fire insurance annually is insane…some of those homes dip into the flood channel…renting or owning…doesn’t matter add in the property tax, of which they have been getting around prop 13 and even rich people…it’s insane and don’t forget the heat, waterbill, trash bill and you still want to eat…most insurance companies as of June 13th 2016 are dropping ho rowers or adding $5000 riders on their anniversary due date and Brown introduces 10 new property taxes..rent or own it trickles down to you…if they give 10% to sro…tax payers pay the real estate management company…California votes this crap in and companies take advantage of the stupidity…more school taxes are coming every few months more school taxes..what a scam

  10. Tessa Lucero says:

    That works out to $388,535 per unit. With a 10 year loan, that means that each townhome needs to bring in that much in rent over the 10 year period. So just under $39,000 per year even without doing any time value of money calculations. Plus costs of operating the complex: utilities that the tenants don’t pay, security, maintenance, landscaping, management. Plus perhaps they might want to make a bit of profit. At this point we’re probably up to $48,000 a year, round numbers, so $4000 a month in rent. That’s assuming a close to 100% occupancy rate.

    For a 3 bedroom unit, that’s $1333 per month rent per person, before utilities. Rent. No tax break as there is for a mortgage. No equity.

    And we wonder why there are so many homeless people in Santa Clarita? It’s not a matter of not wanting to work or be housed, it’s a matter of being priced out of the market. Are our kids ever going to be able to move out and find a place to live in the town they grew up in? Or even in the STATE they grew up in?

  11. $388,000 per unit seems to be a great deal considering average town home price in santa clarita. Granted there’s over head costs for maintance and upkeep on a daily basis. But overall a good deal

  12. Joann Garcia Joann Garcia says:

    The rent on these units r crazy a 3 bedroom starts 2997 to 3500.00. Ridiculous!!

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