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KW Funds Take Lennar Out of Multifamily Investment

RICHMOND, CA-Three funds of Kennedy Wilson replace Lennar as co-owner of two slow-selling apartment-to-condo conversion projects.

By Brian K. Miller | Updated on June 28, 2008

RICHMOND, CA-Three funds sponsored by Beverly Hills, CA-based Kennedy Wilson have acquired Lennar Corp.’s interest in two apartment-to-condo conversion projects in this East Bay city. The assets are the Marina Cove and Marina Shores developments, a combined 712-unit development with 515 units still available for sale two years after they hit the market. The purchase price was not immediately available.

The buyer was a combination of KW’s Bay Fund Opportunity LLC, KW BASGF II and KW Fund III. In buying Lennar’s stake, the funds become co-owners of the assets with Emerald Fund Inc., a San Francisco-based condominium/multifamily specialist.

Marina Shores, located at 1 Shoreline Court, is a 488 condominium project. Nearby, at 1 Schooner Court, Marina Cove is a 224-condominium project. Each 20-year-old waterfront development has a fitness center and swimming pool, and units have been upgraded with new appliances, new bathroom finishes, wood-burning fireplaces, and washers and dryers.

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