Kennedy Wilson Thriving on opportunity

The Cove and The Shores

Through its Bay Fund Opportunity, LLC, Kennedy Wilson acquired an interest in two of Emerald Fund's multifamily housing projects.  The Marina Cove and The Marina Shores complexes consist of a combined 712 units, of which 196 have been sold as condominiums and 516 were available to be sold.

The business plan called for Kennedy Wilson Auction Group to liquidate 30 or more units immediately following the acquisition in order to reduce the debt basis, allowing Kennedy Wilson to be in a position to hold the property for three to four years until the condominium market yields higher retail pricing.