OXNARD, CA-A joint venture of Beverly Hills-based Kennedy Wilson, RECP/Urban Partners and Capri Capital Partners has acquired the 400-unit Serenade apartment complex from California Urban Investment Partners for $81.5 million. The property is a resort-style complex that is part of RiverPark, a master-planned development of 702 acres including retailers such as Whole Foods, Target and REI in addition to entertainment, offices, schools and 14 parks.

Robert Hart, president and CEO of Kennedy Wilson Multifamily Management Group, describes the acquisition as "a rare core apartment investment opportunity" that expands the Beverly Hills-based company's portfolio of multifamily properties in California, where Kennedy Wilson is focusing on supply-constrained infill markets. Kenneth Lombard, president of Capri Urban Investors and partner at Capri Capital Partners, notes that the deal is Capri's first joint venture with Kennedy Wilson.

The buyers point out that the Serenade complex is situated in an area where barriers to entry are high. They point out that development in the County of Ventura and in the City of Oxnard is subject to a number of slow growth initiatives collectively known as Save Open-space and Agricultural Resources (SOAR). "Future development on the scale of RiverPark is virtually impossible for a minimum of 18 years without voter approval," their announcement of the acquisition points out.

The purchase of the Serenade, described by the buyers as an institutional quality core asset, represents the second major joint venture between Kennedy Wilson and RECP/Urban Partners. Paul Keller, founding principal of RECP/Urban Partners, notes that the firm was the original developer of the complex. "We continue to see the excellent rent growth potential as the RiverPark master plan community and the Collection shopping center reach completion in the years ahead,” he said in the announcement.

Serenade contains 14 residential buildings with a variety of units ranging from one to three bedrooms. Amenities include a fitness center, a full sound system, yoga and pilates floor and weight machines, a clubhouse with large screen TV, a resort-style pool with spa, sundeck, barbecues, an outdoor fire pit and a 1.3-acre public park.