The new owners plan to renovate the complex, which they acquired via a joint venture called KW Stanton LLC, which in turn is a venture of Hanover Real Estate Fund LLC.

Hanover plans to rehabilitate the complex, which is at 12241-12381 Arrowhead St. and was built in 1973, over the next year. Improvement planned by the joint venture include upgrading the common areas and unit interiors. The garden-style complex consists of four two-story buildings, with amenities including large unit sizes, garages, swimming pools and laundry facilities. It occupies nearly a city block totaling 200,000 sf. Its close to the Garden Grove (22) and the San Diego (405) freeways, near Cypress College and Long Beach State.The Santa Monica office of Berkshire Mortgage Finance arranged a Fannie Mae DMBS first mortgage and a Berkshire-Wafra Mezzanine loan at what the buyers describe as very low cost financing. Bob Hart, senior managing director of Kennedy Wilsons West Coast Acquisition and Asset Management Group, notes that this is the 11th deal between the Beverly Hills-based real estate investment and services company and Hanover Financial since 1999. The two companies collaborate on value-added deals, focusing on infill apartments in Southern California. In this specific case, the buyers cite Orange County as one of the strongest apartment markets in the country.

Brent Tharp, director of originations for Hanover, says the company was attracted to the property because of its infill, central Orange County location as well as the prospect for both short- and long-term yields. The project will be managed by Kennedy Wilsons West Coast Acquisition and Asset Management Group.