CAMARILLO, CA – Global real estate investment company Kennedy Wilson announced that the company bought a 100% interest in a 386-unit multifamily community in coastal Camarillo, California for $81 million. The property sits adjacent to California State University Channel Islands.

The company invested $18 million of equity (inclusive of closing costs) and secured a 7-year loan of $65 million through Freddie Mac at a rate of LIBOR + 2.48% to buy this wholly-owned property.

“We are excited to buy this high quality asset in close proximity to CSU Channel Islands (“CI”),” said Nicholas Bridges, Managing Director of Kennedy Wilson Multifamily Investments. “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.”

University Glen is a class-A apartment community located in Camarillo, CA. The property was built in phases between 2002 and 2006, and consists of 386 apartments and approximately 30,000 sq. ft. of retail. Given its immediate proximity and association with CI, University Glen enjoys a resident population of CI faculty, staff, and affiliates in addition to local area residents.

Kennedy Wilson intends to implement a value-add strategy, which will include the renovation of unit interiors, improving existing tenant amenities and the creation of a new community center, leasing office, clubhouse, and a fitness center.

Kennedy Wilson’s global apartment portfolio includes 132 communities with approximately 25,000 units, including eight communities and 2,811 units in Southern California.

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ATLANTA, GA – Pointone Holdings, a real estate investment group with offices in Hollywood, Florida, and Atlanta, Georgia, bought Crestmark Apartments, a 334-unit, garden style, multifamily apartment rental community for $29,058,000. The complex is located in the Atlanta Metro’s city of Lithia Springs and features drive-by exposure to more than 60,000 vehicles per day on Thornton Road. Crestmark Apartments was built in two phases 1993 and 1997 and is 97 percent occupied. The property is located minutes from downtown Atlanta, Hartsfield-Jackson International Airport and some of the region’s predominate economic drivers.

Crestmark Apartments’ best-of-class amenities include two pools, resort style clubhouse and business center, state-of-the-art fitness center, outdoor kitchens, sports court, children’s playground, and a walking trail. The property’s well-designed apartment units average a spacious 1,079 square feet and feature fully equipped kitchens, ceiling fans, garden tubs, laundry/utility room with washer/dryer connections, patio/balcony, bay windows and walk-in closets.

PointOne Holdings plans to invest $1.4 million in capital improvements to the property. The renovation plot includes major upgrades to unit interiors, improving the property’s curb appeal and expanding the amenity package by adding a children’s playground, a dog park, and outdoor BBQ grills to the second pool area.

“We own Waterford Point, a similar property in this Douglas County sub-market, and are seeing more demand for better quality living said David Lewin, managing member of PointOne Holdings. “Crestmark Apartments is what the market is looking for: simple access, fantastic amenities, large units and a solid resident base as neighbors.”

“In this deal, we see a clear opportunity to add value for both our residents and investors through a cost-effective capital improvement plot focused on upgrades to the unit interiors and enhancements to the property’s amenity package,” Ben Colonomos, PointOne Holdings’ managing member stated.

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TAMPA, FL – Marcus & Millichap announced the sale of one of Tampa, Florida’s most distinguished architectural landmarks, The Mirasol, a luxury 58-unit apartment community. The property sold for $10,375,000, which equates to approximately $180,000 per unit.

“The Mirasol has been one of Davis Islands’ most elegant landmarks and Tampa Bay’s crowning property for more than 90 years,” says Frank Carriera, first vice president investments in Marcus & Millichap’s Tampa office. “The asset is also well-positioned for long-term stability and growth as the Davis Islands neighborhood, which has effectively been built-out since the 1950s, has the distinction of being one of the area’s most desirable places to live and having the highest occupancy.”

Carriera, along with Michael Regan, first vice president investments, Michael Donaldson and Nicholas Meoli, vice presidents investments, all in Tampa, represented the seller, and procured the buyer, a local multifamily investor.

“With the collective efforts of the listing team, we generated an incredible amount of national and international exposure for this one-of-a-kind opportunity,” notes Meoli.

The landmark property is located at 84 Davis Blvd., less than one mile from downtown Tampa, and minutes from Channelside Drive and Ybor City. The unique waterfront location surrounds an entire canal basin that provides direct access to Hillsborough Bay.

Built in 1925 as luxury hotel, the Mediterranean Revival-style Mirasol was converted to apartments in 1962. The property features a seven-tale building with two complementary three-tale wings, two detached one-tale buildings and a 15-slip marina that accommodates 30-foot to 50-foot vessels. The main building’s interior features a grand lobby, pointed Venetian archways and original Mediterranean-influenced finishes, including dramatic ceiling woodwork, Gothic-inspired French doors and windows, and original chandeliers. Community amenities include a swimming pool overlooking the marina, a three-tiered back patio and a covered waterfront pavilion that stretches along the canal basin’s southern seawall.

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