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.

***

Send a Letter to the Editor for publication.
Send a comment or news tip to our newsroom.
Please include the headline of the story.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We're here to help. Free 90-day trial for new subscribers.Click Here×