JV ACQUIRES 165-UNIT TOWNHOME COMMUNITY FOR $29.25 MILLION

MONTCLAIR, CALIF. — Beverly Hills, Calif.-based Kennedy Wilson Multifamily Management Group has partnered with PCCP LLC to acquire Cambridge Park, a 165-unit townhome community located in Montclair. Acacia Capital sold the property for $29.25 million. The community comprises 22 two-story, townhome-style structures and a leasing office. To be renamed The Lexington, the property offers a mix of two- and three-bedroom units averaging 1,100 square feet. Units feature mansard roofs, central heating and air-conditioning, oversized patios or balconies, full-size washers and dryers, double steel sinks, electric ranges, dishwashers, ceiling fans and large closets. Additionally, the community offers a fitness center, a swimming pool, a children’s playground and outdoor barbeques. The buyers, who assumed Acacia’s existing Fannie Mae/Prudential loan, plan to invest an additional $2.33 million to renovate the property, which was built in 1974.