Kennedy Wilson changed the name of the apartments to theChadwick to reflect the quality of the renovation andrevitalization program, according to Bob Hart, president and CEO ofKennedy Wilson Multifamily Management. He notes that the project isthe largest in Koreatown, which has become a favorite of investorsin recent years for the value-add potential in apartmentsthere.

|

The Kennedy Wilson multifamily unit acquired the Chadwick fromEssex Property Trust for $120 million in February 2007. Itsrenovation strategy is designed to create an environment that is"attractive to young families and singles seeking a qualitylifestyle 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-dayresponsibility for the rehabilitation program, explains that thefocus has been on updating and expanding the numerous recreationaland other lifestyle amenities at the apartment complex. The rehabprogram has included the refurbishing of the project's twoOlympic-size swimming pools and spas, the development of a new BBQcenter, upgrading of a tennis pro shop that serves the property'sthree lighted tennis courts, and expansion of an existing fitnesscenter on the main level of the complex.

|

The Beverly Hills firm is also building a recreation center thatwill incorporate pool and table tennis, a business center andlounge areas with plasma TVs, as well as an area for kick-boxingand a yoga studio. The Chadwick also features an indoor golfdriving range and putting green, along with a sports court and achildren's play area.

|

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

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.