[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.