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Kennedy Wilson, RECP/Urban Partners and Capri Capital Partners Acquire 400-Unit Apartment Community in Oxnard

"Serenade is a rare core apartment investment opportunity and great addition to our portfolio of multifamily properties in California," Robert Hart, president and CEO of Kennedy Wilson Multifamily Management Group, commented. "Our focus has been on supply constrained, infill West Coast markets and this acquisition is a perfect fit for our strategy."

Serenade is a resort style community that is part of RiverPark, an award winning master planned development. RiverPark covers 702 acres and includes retail options such as Whole Foods, Target and REI in addition to entertainment, offices, schools and 14 parks. Development in the County of Ventura and in the city of Oxnard is subject to a number of slow growth initiatives collectively known as Save Open-space and Agricultural Resources (SOAR). Pursuant to these laws, future development on the scale of RiverPark is virtually impossible for a minimum of 18 years without voter approval.

"Serenade is an institutional quality, well designed core asset that is located in a market with significant barriers to entry and will be complimentary to the other investments made within our Urban Fund to-date," Kenneth Lombard, president of Capri Urban Investors and partner at Capri Capital Partners, stated. "We are very excited to announce the acquisition of Serenade and our first joint venture with Kennedy Wilson."

This acquisition represents the second major joint venture between Kennedy Wilson and RECP/Urban Partners. Paul Keller, founding principal of RECP/Urban Partners, said, "We are pleased to partner with Kennedy Wilson and Capri Capital Partners, especially on such a high quality asset as Serenade, which we originally developed. We continue to see the excellent rent growth potential as the RiverPark master plan community and The Collection shopping center reach completion in the years ahead."

Serenade contains 14 residential buildings with a wide variety of 1, 2, and 3-bedroom residences. Features of the community include a fully equipped fitness center with cardio theater machines, full sound system, yoga and pilates floor and weight machines, a clubhouse with large screen TV, a resort style pool with spa, sundeck, barbecues, an outdoor fire pit and a 1.3 acre public park.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 21 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.

About Urban Partners

Urban Partners is a real estate planning, investment, development and management firm. The company pursues select market niches where complexity or innovation create exceptional potential for its partners and clients. With highly-specialized expertise in urban entitlement processes, complex financial structures and alternative construction methods, Urban Partners identifies opportunities which are not widely followed or understood, resulting in competitive quality and marketing advantages and superior financial performance. For more information on Urban Partners, please visit www.urbanpartnersllc.com.

About Capri Urban Investors, LLC and Capri Capital Partners, LLC

Capri Capital Partners, LLC is the investment manager of Capri Urban Investors, LLC, a real estate private equity fund. Capri Capital Partners, LLC is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. 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 $3.534 billion in fair market value as of June 30, 2010. For more information, please call 312-573-5275 or visit the company's website www.capricapital.com. Capri Capital Partners, LLC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any statements contained herein to reflect any change in events, conditions, or circumstances on which any such statement is based. 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.

Kennedy Wilson
Christina Cha
Marketing & Communications Manager
310-887-6294
ccha@kennedywilson.com
www.kennedywilson.com