BEVERLY HILLS, Calif. , June 27 /PRNewswire-FirstCall/ -- Kennedy Wilson,
through its Bay Fund Opportunity, LLC, and in partnership with its sponsored
funds, KW BASGF II and KW Fund III, has acquired an interest in two of Emerald
Fund's multifamily housing projects in Richmond, CA in the San Francisco Bay
Area . The Marina Cove and Marina Shores complexes together consist of
712 units, of which 196 have been sold as condominiums and 516 remain to be
sold in the East Bay city's coveted marina area.
The Shores, located at 1 Shoreline Court, is a 488 condominium project.
Nearby, at 1 Schooner Court, The Cove is a 224-condominium project. 'We
believe this strategic alliance between our firms will enhance the viability
of Marina Cove and Marina Shores,' said Stuart Cramer, senior managing
director of Kennedy Wilson's Residential Development and Investments division,
and Alastair Mactaggart of Emerald Fund. 'These projects offer luxurious
accommodations at affordable prices. With high demand for moderately priced
housing alternatives in the Bay Area, we expect this partnership to be a
fruitful one,' continued Cramer.
With Marina Cove and Marina Shores both located on the waterfront, many of
these homes offer views of the Bay and the San Francisco skyline. Each complex
has a fitness center and swimming pool. Since first built approximately
20 years ago, the homes have been upgraded with new appliances, updated
bathroom finishes, wood-burning fireplaces, and washers and dryers. The
projects are also close to major transportation thoroughfares, including I-580
and I-80 and provide convenient access to San Francisco and the East Bay.
Founded in 1977, Kennedy Wilson is a real estate services and investment
firm headquartered in Beverly Hills, CA , with 20 offices throughout the U.S.
and Japan . It seeks opportunities in partnership with clients in pursuit of
above-market investor returns and higher real estate values. KW Fund
Management is the fund investment division of Kennedy Wilson. The group is
actively involved in the acquisition, asset management, operation,
rehabilitation, repositioning and disposition of real estate assets. Visit
http://www.kennedywilson.com for further information.
CONTACT: Kennedy Wilson
9601 Wilshire Blvd., Suite 220
Beverly Hills, CA 90210
STUART CRAMER
310-887-6400
SOURCE Kennedy Wilson
