Company Acquires Interests in Richmond, CA Condominium Projects
BEVERLY HILLS, Calif., June 27 /PRNewswire-FirstCall/ -- Kennedy
Wilson, through its Bay Fund Opportunity, LLC, and in partnership with its
sponsored funds, KW BASGF II and KW Fund III, has acquired an interest in
two of Emerald Fund's multifamily housing projects in Richmond, CA in the
San Francisco Bay Area. The Marina Cove and Marina Shores complexes
together consist of 712 units, of which 196 have been sold as condominiums
and 516 remain to be sold in the East Bay city's coveted marina area.
The Shores, located at 1 Shoreline Court, is a 488 condominium project.
Nearby, at 1 Schooner Court, The Cove is a 224-condominium project. "We
believe this strategic alliance between our firms will enhance the
viability of Marina Cove and Marina Shores," said Stuart Cramer, senior
managing director of Kennedy Wilson's Residential Development and
Investments division, and Alastair Mactaggart of Emerald Fund. "These
projects offer luxurious accommodations at affordable prices. With high
demand for moderately priced housing alternatives in the Bay Area, we
expect this partnership to be a fruitful one," continued Cramer.
With Marina Cove and Marina Shores both located on the waterfront, many
of these homes offer views of the Bay and the San Francisco skyline. Each
complex has a fitness center and swimming pool. Since first built
approximately 20 years ago, the homes have been upgraded with new
appliances, updated bathroom finishes, wood-burning fireplaces, and washers
and dryers. The projects are also close to major transportation
thoroughfares, including I-580 and I-80 and provide convenient access to
San Francisco and the East Bay.
Founded in 1977, Kennedy Wilson is a real estate services and
investment firm headquartered in Beverly Hills, CA, with 20 offices
throughout the U.S. and Japan. It seeks opportunities in partnership with
clients in pursuit of above-market investor returns and higher real estate
values. KW Fund Management is the fund investment division of Kennedy
Wilson. The group is actively involved in the acquisition, asset
management, operation, rehabilitation, repositioning and disposition of
real estate assets. Visit http://www.kennedywilson.com for further
information.
CONTACT: Kennedy Wilson
9601 Wilshire Blvd., Suite 220
Beverly Hills, CA 90210
STUART CRAMER
310-887-6400
[Via Real Estate California]
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