BEVERLY HILLS, Calif. , June 27 /PRNewswire/ -- Kennedy Wilson Residential Development and Investments Group, a division of Kennedy Wilson, a real estate services and investment firm, has purchased a portfolio of four communities in Lancaster, California from Richmond American Homes, a major public home builder.

The 138 finished lots planned for detached single family homes are located in the Antelope Valley in northern Los Angeles County . Most of the lots are situated in the desirable Quartz Hill area of Lancaster . 'We're delighted to have been able to add this valuable asset to our portfolio,' said Stuart Cramer, senior managing director. 'The portfolio is being acquired at a time where values are at historic lows and future projections for growth are high', continued Cramer.

Lancaster and the Antelope Valley have historically been the most affordable area for new housing in the Los Angeles region. The area has experienced continued growth as supply of new housing has diminished in the surrounding areas. Historically, the area has supported an average annual absorption of over 2,000 new homes per year.

Kennedy Wilson Residential Development and Investments Group is a subsidiary of Kennedy Wilson, a Beverly Hills -based real estate services and investment firm. Founded in 1977, Kennedy Wilson has 20 offices throughout the U.S. and Japan . It seeks value-added opportunities in partnership with clients in pursuit of above-market investor returns and higher real estate values. The group is actively involved in the acquisition, entitlement and sale of land, the development of condominium and single-family housing communities, including resort housing, typically with joint-venture partners. For further information, visit http://www.kennedywilson.com.

CONTACT: STUART CRAMER

               310-887-6400

SOURCE Kennedy Wilson Residential Development and Investments Group