A South Coast university has announced a groundbreaking deal with an international real estate investment company to sell the 386 unit housing and shopping complex the university developed.
Cal State Channel Islands sold a 100% leasehold interest in the University Glen Apartments and Town Center to Kennedy Wilson. University officials say the $81 million dollar deal will allow it to pay off the remaining debt for the project, and to have money for new campus construction. It’s part of a cutting edge model being used to add needed facilities for the campus without state funding.
Kennedy Wilson has announced plans to enhance the townhome and apartment housing by adding a community center, fitness center, a clubhouse, and by renovating the units.
The deal stipulates that Cal State Channel Islands will lease back 40% of the units for the next 20 years, which will insure the project’s original goal of providing campus related housing will continue.
