In Landmark Deal, Capri Capital Partners and Kennedy Wilson Acquire Marina del Rey Apartment Property for $225 Million

  In Landmark Deal, Capri Capital Partners and Kennedy Wilson Acquire Marina
  del Rey Apartment Property for $225 Million

Business Wire

LOS ANGELES -- June 28, 2013

Capri Capital Partners, LLC (“Capri”), on behalf of an institutional investor,
and Kennedy Wilson (NYSE:KW) have acquired 100% of the leasehold interest in
Esprit, a luxury, multifamily mixed-use project with 437 units and a top-class
227-slip anchorage facility in Marina del Rey. The acquisition represents one
of the largest multifamily mixed-use transactions in Los Angeles over the past
several years.

The Esprit Apartments, Marina del Rey, California (Photo: Business Wire)

The Esprit Apartments, Marina del Rey, California (Photo: Business Wire)

The five-building apartment complex is a premier multifamily rental property
in the area. In addition to its exceptional waterfront location, the project
includes a unique combination of resort-style amenities, spacious and
luxurious units, and distinct finishes. The mix of studios, one, two, three
and four bedroom units all feature water views, in-unit washer and dryers,
9-foot vaulted ceilings and private patios. The units are mostly split-level
townhouse layouts with expansive walk-in closets and stainless steel kitchen
appliances. A pedestrian promenade runs alongside the waterfront directly in
front of the apartment complex.

Additionally, Esprit offers one of the finest anchorage facilities in the area
that attracts the area's most luxurious and expensive yachts and boats. This
top-class boat slip offers mariners full utility packages, separate storage
and water activity centers for guest use. The 227 boat slips range from 35 to
75 feet.

Beginning immediately, Capri and Kennedy Wilson will move forward with a
series of upgrades to further enhance the marketability of the asset. The team
will invest approximately $5.3 million of additional capital to reconfigure
the new leasing center, improve resident facilities, enhance landscaping and
upgrade unit interiors.

“Capri’s investment strategy is to actively acquire high-quality Class-A
properties in high barrier markets with supply-demand imbalances and strong
economic, demographic and income trends,” said Ken Lombard, Partner of
Investments for Capri.“Esprit is truly an iconic asset that meets our
investment strategy and will be highly complementary to our investor’s real
estate portfolio. We are excited to be teaming up again with Kennedy Wilson to
acquire this unique waterfront property and to be investing in one of the most
coveted residential communities within Los Angeles County.”

“Esprit is considered the finest multifamily mixed-use property in Marina del
Rey, and an off-market transaction to acquire a property of this size and
quality is very rare,” said Kurt Zech, President of Kennedy Wilson Multifamily
Management Group. “The property was stabilized at 94% occupancy in late 2012
after a lengthy three year lease-up period and still has plenty of upside for
rental growth in a steadily improving economy.”

The 18-acre property is ideally located in Los Angeles’ Westside, within close
proximity to the LA International Airport, the 90 and 405 freeways and
employment hubs in nearby Santa Monica, as well as UCLA and Loyola Marymount
University.

Brian Eisendrath and Troy Tegeler of CBRE facilitated financing for the
transaction with Fannie Mae.

About Capri Capital Partners

Capri Capital Partners, LLC is an institutional real estate investment
advisory firm, investing and managing commercial real estate properties and
portfolios since 1992. Capri and its predecessor companies have acquired or
originated over $10 billion in commercial real estate investments. Capri
offers a broad spectrum of equity and debt products to its customers through
separate account and commingled fund vehicles. Diversified assets managed on
behalf of its pension fund and other institutional clients totaled
approximately $3.4 billion as of March 31, 2013. Capri is headquartered in
Chicago with offices in Los Angeles and the New York area. For more
information, visit the company’s website www.capricapital.com.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and
services company headquartered in Beverly Hills, CA with 24 offices in the
U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array
of real estate services including auction, conventional sales, property
services, research and investment management. Through its fund management and
separate account businesses, Kennedy Wilson is a strategic investor of real
estate investments in the U.S., U.K., Ireland and Japan. For further
information on Kennedy Wilson, please visit www.kennedywilson.com.

This announcement does not constitute an offer to sell, or a solicitation of
an offer to buy any security relating to Capri Capital Partners, LLC or any of
its funds. Any offer or solicitation may be made only through the delivery of
a definitive Private Offering Memorandum and all information contained herein
is qualified in its entirety by such Memorandum.

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Contact:

For Capri Capital Partners, LLC
Emily Heidt, (310) 974-6682
 
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