OXNARD, CA-A joint venture of Beverly Hills-based KennedyWilson, RECP/Urban Partners and Capri Capital Partners has acquiredthe 400-unit Serenade apartment complex from California UrbanInvestment Partners for $81.5 million. The property is aresort-style complex that is part of RiverPark, a master-planneddevelopment of 702 acres including retailers such as Whole Foods,Target and REI in addition to entertainment, offices, schools and14 parks.

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Robert Hart, president and CEO of Kennedy Wilson MultifamilyManagement Group, describes the acquisition as "a rare coreapartment investment opportunity" that expands the BeverlyHills-based company's portfolio of multifamily properties inCalifornia, where Kennedy Wilson is focusing on supply-constrainedinfill markets. Kenneth Lombard, president of Capri Urban Investorsand partner at Capri Capital Partners, notes that the deal isCapri's first joint venture with Kennedy Wilson.

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The buyers point out that the Serenade complex is situated in anarea where barriers to entry are high. They point out thatdevelopment in the County of Ventura and in the City of Oxnard issubject to a number of slow growth initiatives collectively knownas Save Open-space and Agricultural Resources (SOAR). "Futuredevelopment on the scale of RiverPark is virtually impossible for aminimum of 18 years without voter approval," their announcement ofthe acquisition points out.

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The purchase of the Serenade, described by the buyers as aninstitutional quality core asset, represents the second major jointventure between Kennedy Wilson and RECP/Urban Partners. PaulKeller, founding principal of RECP/Urban Partners, notes that thefirm was the original developer of the complex. "We continue to seethe excellent rent growth potential as the RiverPark master plancommunity and the Collection shopping center reach completion inthe years ahead,” he said in the announcement.

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Serenade contains 14 residential buildings with a variety ofunits ranging from one to three bedrooms. Amenities include afitness center, a full sound system, yoga and pilates floor andweight machines, a clubhouse with large screen TV, a resort-stylepool with spa, sundeck, barbecues, an outdoor fire pit and a1.3-acre public park.

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