CAMARILLO, CALIF. — Global investment and development firm Kennedy Wilson (NYSE: KW) is nearing completion of Anacapa Canyon, a 579-unit multifamily project in the Southern California community of Camarillo.
Anacapa Canyon, a 32-acre master-planned development, consists of 310 market-rate apartments, 109 for-sale, single-family homes and 170 income-restricted apartments for senior citizens. The first move-ins are underway, and full completion of the project is slated for the third quarter.
Kennedy Wilson developed Anacapa Canyon in a public-private partnership with California State University Channel Islands (CSUCI) and partnered with Comstock Homes, as well as Hearthstone, on the single-family home component of the development. The affordable seniors housing units are fully preleased to qualified renters.
The firm also developed various pieces of infrastructure in conjunction with the apartments, which Kennedy Wilson owns in their entirety. Residential amenities at Anacapa Canyon include multiple pools with an accompanying spa, a community garden, game room, event lounge, fitness center, dog parks and various open green spaces and pocket parks.
“We are encouraged by the early interest in both leasing and home sales at Anacapa Canyon, which is a testament to the inclusive community we have created, its unique offerings and the continued demand for high-quality homes in Camarillo,” says Nick Bridges, managing director at Kennedy Wilson.
Anacapa Canyon is a continuation of a nearly 10-year partnership between Kennedy Wilson and CSUCI. The organizations first collaborated in 2016, when Kennedy Wilson acquired the 386-unit Mission Hills apartment community and 15,000 square feet of retail space in the adjacent University Glen neighborhood from CSUCI. The firm subsequently invested approximately $10 million in capital improvements to unit interiors and amenities to that property. In 2021, Kennedy Wilson was awarded the development opportunity for the adjacent 32-acre parcel that is now Anacapa Canyon.
As of Wednesday, Feb. 21, Kennedy Wilson’s stock price was trading at $10.15 per share, down from $17.25 per share a year ago. The firm currently has a development pipeline of about 2,800 residential units across different product types throughout the Western part of the country.
— Taylor Williams