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
SOURCE Kennedy Wilson
Eric Taylor, +1-310-887-6400, for Kennedy Wilson Residential Development and
Investments Group
