University Glen
CSU Channel Islands (CI) entered into a public-private partnership last week with Kennedy Wilson when the global real estate investment company acquired the lease for University Glen rental properties for $81 million. Kennedy Wilson purchased 100 percent of the leasehold interest in the 386-unit multi-family community, which consists of 328 apartments in University Glen and 58 apartments in the Town Center. The acquisition also includes 30,000 sq. ft. of retail space in the Town Center, which is home to restaurants, the Cove Bookstore and the Town Center Market.
Proceeds will be used to retire the debt that is associated with the rental program and will provide initial funds for capital projects and program development for the University. The term of the leasehold acquired by Kennedy Wilson is for 82 years. The transaction also includes the University leasing back 40% of the units for CI’s use for the initial 20-year term of the lease.
For more information please read the News Release or contact, Erik Blaine, Associate Vice President for Administrative Services, at 805-437-2670 or erik.blaine@csuci.edu.
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© Wavelength September 8, 2016