University Glen, a multifamily housing complex next to California State University Channel Islands in Camarillo, has been bought for $81 million by Kennedy Wilson, the Beverly Hills real estate investment company announced.

The company bought 386 apartments and townhomes in a cash and loan deal from the university system. The arrangement also includes 30,000 square feet of retail space in the Town Center, which has restaurants, apartments and other small businesses.

In November, CSU CI’s Board of Trustees approved a conceptual plan to allow the CSU CI Site Authority to sell 386 apartments to pay back debt, freeing up funds to develop new properties on campus to meet needs from increasing enrollment. The board approved the sale to Kennedy Wilson in May and the deal closed this month.

Under an agreement as part of the sale, the university will lease back 158 apartments in University Glen and the Town Center to rent out to faculty, staff and students, according to CSU CI. The university will also sublease the Town Center.

According to CSU CI, University Glen also includes single-family homes but those are not part of the sale.

Kennedy Wilson said it plans to renovate the insides of the units, upgrade amenities and build a new community center, leasing office, clubhouse and fitness center. The company has also taken over property management of the community.