Kennedy Wilson changed the name of the apartments to the Chadwick to reflect the quality of the renovation and revitalization program, according to Bob Hart, president and CEO of Kennedy Wilson Multifamily Management. He notes that the project is the largest in Koreatown, which has become a favorite of investors in recent years for the value-add potential in apartments there.

The Kennedy Wilson multifamily unit acquired the Chadwick from Essex Property Trust for $120 million in February 2007. Its renovation strategy is designed to create an environment that is "attractive to young families and singles seeking a quality lifestyle within an urban setting," according to Michael Gold, senior asset manager of KWMF, who oversees the Chadwick.

Construction manager Roy Francis, who bears day-to-day responsibility for the rehabilitation program, explains that the focus has been on updating and expanding the numerous recreational and other lifestyle amenities at the apartment complex. The rehab program has included the refurbishing of the project's two Olympic-size swimming pools and spas, the development of a new BBQ center, upgrading of a tennis pro shop that serves the property's three lighted tennis courts, and expansion of an existing fitness center on the main level of the complex.

The Beverly Hills firm is also building a recreation center that will incorporate pool and table tennis, a business center and lounge areas with plasma TVs, as well as an area for kick-boxing and a yoga studio. The Chadwick also features an indoor golf driving range and putting green, along with a sports court and a children's play area.

The repositioning program also includes refurbishing all of the Chadwick's units as they become vacant. The project, which is 93% leased, includes units ranging from studios to one and two-bedrooms, with rents ranging from $1,075 to $2,300.