The Beverly Hills firm did not disclose the purchase price for the asset, which was part of $90 million in asset purchases and dispositions during the latest quarter. The company made the purchase by tapping its new $100 million Fannie Mae credit facility and forming a new joint venture with GE Real Estate. The transaction was brokered by Robin Ossenbeck of Hendricks & Partners, with Eddie Ring, VP of Kennedy Wilson's West Coast Acquisitions and Asset Management Group, representing Kennedy Wilson and John Bonino, a GE vice president, representing GE.
Park Place Racquet Club, now renamed Windscape Village, was built in 1986 by Lincoln Properties. The class B apartment complex consists of 36 two-story complexes totaling 261,000 sf. The new owners plan to modernize the property with a fishing village motif, saying they expect to raise the complex to a class A property. The rehabilitation will include two new fitness centers, a new leasing facility, a new community room and enhanced paint finishes.
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