Kennedy Wilson Acquires 163 Finished Lots in Victorville, California
Unique Hillside Lots Grow Company’s Portfolio of Residential Lots
BEVERLY HILLS, Calif., July 2 /PRNewswire-FirstCall/ — Kennedy Wilson
Residential Development and Investments Group, a division of Kennedy Wilson
(Pink Sheets: KWIC), a national real estate services and investment firm,
has purchased 163 finished lots in Victorville, California from Pulte
Homes.
The 163 finished lots planned for detached single family homes are
located in The Cypress Pointe Community in Victorville, CA. The lots are
situated in a desirable hillside area of Victorville with panoramic views
of the Mojave Desert.
This most recent acquisition increases the number of residential lots
owned by Kennedy Wilson in the California market. “Victorville has
experienced explosive growth as the Inland Empire has matured,” said Eric
Taylor, managing director. “We are pleased to acquire the property at a
time when values are below replacement costs. We are optimistic these
values will increase following economic recovery,” continued Taylor.
Since 2001, Victorville’s population has grown 44%, reflecting the
demand for more affordable housing. It is the largest city in the Victor
Valley, which has over 300,000 inhabitants.
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: Eric Taylor
9601 Wilshire Blvd. Suite 220
Beverly Hills, Ca 90210
310-887-6400
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[Via Real Estate Newswire]