OXNARD, CA — A joint venture between Kennedy Wilson, RECP/Urban Partners and Capri Capital Partners has acquired a luxury apartment community in Oxnard for $81.5 million. Serenade is a 400-unit complex located within the RiverPark master-planned community. It contains 14 buildings with a mix of one-, two- and three-bedroom residences. Amenities include a resort-style pool with a spa, a sun deck, barbecues and an outdoor fire pit. The community also contains a clubhouse with a large-screen television, and a fitness center with a cardio theater, weight machines, and areas for yoga and pilates. Serenade also contains a 1.3-acre public park on its grounds. The seller in the deal was California Urban Investment Partners.
“Serenade is an institutional-quality, well-designed core asset that is located in a market with significant barriers to entry,” said Kenneth Lombard, a partner with Capri Capital Partners, in a statement. Development in Oxnard and Ventura County is subject to a number of slow growth initiatives, which prevents projects such as RiverPark from being developed for a minimum of 18 years without voter approval.
The acquisition of Serenade marks the second major joint venture between Kennedy Wilson and RECP/Urban Partners, which is also the developer of Serenade. In a statement, Paul Keller, founding principal of RECP/Urban Partners, said, “We are pleased to partner with Kennedy Wilson and Capri Capital Partners. We continue to see the excellent rent growth potential as the RiverPark master-planned community and The Collection shopping center reach completion in the years ahead.”
RiverPark is a 702-acre community located along U.S. Highway 101. This fall will see the opening of The Collection, a 600,000-square-foot, open-air shopping center located in the heart of the community. Anchors for center include Whole Foods Market and the 16-screen Century Theatres. Additional tenants planned include Target and REI. At full build-out, RiverPark will also contain a variety of single-family and multifamily homes, two schools, police and fire stations, and numerous parks.
–Coleman Wood