Beverly Hills-based Kennedy Wilson is building a development in Ventura County that will include market-rate apartments, senior housing and units for sale.
The firm is planning to build 589 residential units across 32 acres owned by Cal State Channel Islands at the intersection of Channel Islands Drive and Santa Cruz Island Drive in Camarillo, according to a Wednesday announcement.
The development will include 310 market-rate apartments, 170 income-restricted rental units for seniors, and 108 homes for sale. The homes will be built and sold by Comstock Homes, through a joint venture with Kennedy Wilson and Hearthstone.
Construction on the development is set to begin in the fourth quarter of this year.
This isn’t the first time Kennedy Wilson has worked with the university on real estate. In 2016, Kennedy Wilson acquired a 386-unit apartment complex and 15,000 square feet of retail space from Cal State Channel Islands and spent $8 million on renovations.
Kennedy Wilson holds stakes in a total of eight residential developments in Southern California, totaling 2,602 units, according to a recent report from the firm. The company has around 21,000 units across the western U.S.