The apartment complex stands at 7600 Manchester Blvd. It waspurchased by 7600 Manchester LLC, an entity formed by LA-basedHanover and Beverly Hills-based Kennedy-Wilson.
The seller is Playa Holdings Inc. LLP, a group of local privateinvestors. Mark Macedo, Hanover's managing director, says arenovation of both the exterior and interior of the property willbegin immediately and that the complex will be renamed Club de laPlaya.
"The apartment complex is in a great infill location, and itsrents are as much as 30% under market," Macedo tells GlobeSt.com.He adds that the location and opportunity to raise rents—-combinedwith a Westside vacancy factor below 5%--"made this property veryattractive."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 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.
