Real Estate Central

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

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[Via Real Estate Newswire]