Joint venture acquires Inland Empire apartments

Kennedy Wilson Inc., in a joint venture with its partner Lehman Brothers Inc., bought a 228-unit multifamily apartment community in Grand Terrace, Calif.

The value of the transaction was not disclosed.

The Crest, located at 22491 DeBerry St., was purchased from a private trust.

The Crest was constructed in 1978 and consists of 19 two-story buildings. The garden-style "bedroom community" rests on nine landscaped acres that feature a swimming pool, spa, clubhouse, fitness center, laundry facilities and a tot lot.

Kennedy Wilson plans to upgrade the property amenities and renovate the interior apartments to class A standards.

Representing the sale was Robin Ossenbeck and Paul Runkle of Hendricks & Partners.

Beverly Hills, Calif.-based Kennedy Wilson is a real estate investment fund management and services firm operating nationwide.

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