BEVERLY HILLS, CA – Building on a unique public-private partnership with California State University Channel Islands (CSUCI), global real estate investment company Kennedy Wilson (NYSE: KW) has signed a long-term ground lease for a 32-acre parcel in Camarillo, California owned by the University and unveiled plans for a new mixed-residential community.
The soon-to-be-named development project contributes to Kennedy Wilson s growing global development pipeline totaling approximately 4,700 multifamily units that are currently expected to deliver by 2024 and will expand Kennedy Wilson s global multifamily portfolio to over 33,000 units once they are complete.
Kennedy Wilson was awarded the development opportunity via public RFP and has re-entitled the land for a master plot that will deliver 310 market-rate apartments, 109 for-sale homes, 170 income-restricted apartments for seniors, as well as community-serving amenities to the University-adjacent site at the western edge of the Santa Monica Mountains.
Developing this new community is an vital step in our larger partnership with CSUCI and will meaningfully contribute to a region that is small on supply of high-quality apartments and homes for faculty, staff and local residents, said Kennedy Wilson Managing Director Nick Bridges, who structured the partnership with CSUCI. Many people are rethinking how and where they want to live, and we continue to see a trend of residents moving from city centers towards communities that have access to the outdoors, are commutable to major employment centers, and are relatively affordable. Camarillo and CSUCI are uniquely positioned to benefit from this renewed interest in suburban living.
As master developer, Kennedy Wilson has assembled a top-tier team that will break ground in Q4 2021. Kennedy Wilson will develop the wholly owned apartments and Kennedy Wilson s affordable housing joint venture, Vintage Housing, will use a combination of affordable housing tax credits and other financing sources to build and offer 170 apartment homes to income-qualified seniors. The townhome sites will be built and sold by Comstock Homes in a joint venture that includes Kennedy Wilson as a minority partner, as well as Hearthstone.
We are thrilled to see the site s redevelopment process start, and to go ahead on a pioneering public-private partnership that will also generate a significant revenue stream to benefit our campus s future growth for years to come, as well as provide housing options for our faculty, staff and other community members, said CSUCI Interim President Richard Yao, Ph.D. We value our partnership with Kennedy Wilson and their proven commitment to building and maintaining strong communities, and we look forward to working together to bring our shared vision to life.
The project is a continuation of a seven-year partnership between Kennedy Wilson and CSUCI. Kennedy Wilson originally bought an existing wholly owned 386-unit apartment community and the 15,000 square feet of retail from CSUCI in the adjacent University Glen neighborhood in 2016 and has since invested approximately $8 million to enhance unit interiors and the community s amenities.
Kennedy Wilson has also committed $1.5 million toward the future construction of an Early Childhood Education center on the CSUCI campus to provide affordable, high-quality early childhood education to the region s underserved population. The center will serve as a training experience for students in the University s School of Education and will provide support to student parents in attaining their educational goals.
Including this 32-acre development in Camarillo, CA, Kennedy Wilson is progressing on a 3,800-unit Western U.S. development pipeline, including the second phase of construction at 38° North in Santa Rosa, California; The Oxbow in Bozeman, Montana; and Dovetail in Boise, Idaho. Within the Western U.S. development pipeline, approximately 1,600 units are under construction through Vintage Housing, Kennedy Wilson s growing affordable and senior housing joint venture. In Ireland, where Kennedy Wilson is one of the country s most active multifamily real estate investors and operators, nearly 1,000 new multifamily units are in various stages of development at prominent Dublin projects including The Cornerstone on the former Leisureplex site, The Grange and Coopers Cross.

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CHICAGO, IL – TGM announced the acquisition of TGM Retreat at Danada, a 295-unit primarily townhome style apartment community in Wheaton, IL.
The property was constructed in 1997 and offers one, two and three-bedroom single or multilevel townhome apartments. Among the distinctive attributes of this townhome-for-rent community are its large 1,200 square foot average unit size, private entries, one or two car direct access garages, and prime location with convenient access to shopping, entertainment, and major employment centers that today’s renters demand. The property offers low density living with attractive amenities including a newly renovated clubhouse, well-equipped athletic club, resort-style swimming pool and pet spa.
TGM Retreat at Danada is conveniently located within a few miles of the I-88 East-West Tollway with over 40+ million square feet of high-quality office space that is occupied by a diverse group of Fortune 500 companies. Less than 30 miles west of Chicago and a small drive from the Wheaton Metra station, residents benefit from a lower cost of living and a hassle-free commute. In addition to its accessibility to a plethora of major employment concentrations, its prime location on the corner of Butterfield and Naperville Roads also offers residents with unique walkable access to a myriad of retail amenities. TGM Retreat at Danada residents have the ease of walking to an abundance of retail choices such as Whole Foods, Aldi, Starbucks, Pete’s Fresh Market and several quick-casual dining options in adjacent shopping centers.
“TGM Retreat at Danada is in the highly desirable City of Wheaton which is a high barrier to entry submarket with a solid employment base, nationally ranked schools, and superb access to the regional suburbs and downtown Chicago. Wheaton, the county seat of DuPage County, is a vibrant and appealing community for a variety of lifestyles as evidenced by its Money Magazine recognition as one of the ‘Best Places to Live’,” said Zach Goldman, Managing Principal and Chief Operating Officer for TGM. TGM Retreat at Danada is managed by TGMs’ property management company.

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DES MOINES, IA – Four Mile Capital, a privately-held real estate investment firm based in Louisville, CO, has bought the District @ 6th Apartments, a 213-unit multifamily community in downtown Des Moines, IA. District @ 6th, completed in 2020 and in its initial lease-up, consists of 36 studio, 125 one-bedroom and 52 two-bedroom units among twelve different floor plans. Greystar, has been awarded the property management contract.
The transaction closed on October 1, 2021, for $40,750,000, which equates to $191,315 per unit or $228 per square foot. As part of their acquisition, FMC raised over $11.6M in equity from their network of high-net worth investors, and secured a three-year, interest-only bridge loan with UBS. Michael Scott and Michael Duggan with CBRE represented FMC on the debt assignment, and Cy Fox, Matt Bukhshtaber, and Ray Hamilton with CBRE represented the Seller in the transaction. This is FMC s third acquisition in the market.
“We were thrilled to get District across the end line, says Eric Mallon, one of FMC s founding partners. We ve owned in the Des Moines suburban markets since late 2018, but have been intentionally cautious about buying downtown, until now. With more balance in the submarket, District represented a unique opportunity to buy a well-designed asset downtown at a compelling basis, below market and replacement cost and with a 10-year tax abatement, while continuing to grow our local portfolio, continued Mallon.
District at 6th is located in a dynamic, urban and quick-growing ‘live-work-play neighborhood called the East Village, which is just across the Des Moines River from downtown. The East Village is home to a number of award-winning restaurants and some of the best shopping in the city, as well as to the Iowa State Capitol Building. The neighborhood is just a small walk away to Principal Park, home of minor league baseball s Iowa Cubs and also has simple access to multiple bike paths for getting around the city.
This luxury apartment community, carefully designed and built in clean and contemporary architecture, consists of 36 studio, 125 one-bedroom and 52 two-bedroom units in two four-tale elevator serviced buildings and includes an underground parking structure with 216 parking spaces. District at 6th offers an exclusive set of amenities including a swimming pool with sundeck, dog park, exterior courtyard with gas grills and firepit, 24/7 package room, free bike storage, secure underground parking, and a fully equipped, 24-hour state-of-the-art fitness center. The Property also includes a 2,639sf vacant retail space on the ground floor that FMC intends to market for lease.
“Because we are purchasing the pre-stabilized property with zero deferred maintenance and limited capital needs, we will focus on finishing out the lease-up while stabilizing operations with our on-site team. We also expect to capture strong submarket growth over the 10-year hold period in order to generate superior risk-adjusted returns for our investors,” said Chris Geer, another Four Mile founding partner.

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