LAKEWOOD, CA-Kennedy Wilson of Beverly Hills has acquired one of the largest apartment complexes in Southern California, the 661-unit Lakewood Manor, from Beverly Hills-based private investors for $68 million. Ron Harris of the Downtown Los Angeles office of Marcus & Millichap, who brokered the sale, tells GlobeSt.com that the Lakewood Manor complex is one of many multifamily projects created by Ben Weingart, a 1950s and 1960s developer who was one of the most active builders of his era in Southern California. Weingart was one of the founders and primary builders of the community of Lakewood and established the Los Angeles-based Weingart Foundation, which remains active today. The 661 units at the Lakewood Manor complex developed by Weingart represent 20% of the entire apartment stock here.Publicly held Kennedy Wilson’s acquisition of the complex, which closed on Aug. 27, provides the Beverly Hills-based real estate investment firm with an asset with upside potential, in part because the property is not subject to rent control, Harris notes. The complex, which was 95% occupied at the time of the sale, consists of 64 separate two-story garden style buildings on a 12.5-acre site near the Lakewood Mall. It was built in five separate phases from 1957 through 1963 and had been owned by the sellers, Win-Max Manor West LP and Oliva East LLC, for more than 20 years. Approximately 85% of the project is situated adjacent to Lakewood Mall and the remaining 15% is situated adjacent to a shopping center anchored by Wal-Mart. Asking rents are $775 for singles, $950 for the one-bedroom, one-bath units, and $1,300 for the two-bedroom, two-bath apartments.The sale of the Lakewood property marks the second major sale brokered by Harris in recent weeks and caps off a month in which he closed more than $100 million in multifamily sales. Earlier in August, as GlobeSt.com reported, Harris brokered the $35.5-million sale of the 165-unit Camarillo Apartments by an affiliate of the Archstone-Smith Trust to American Realty Advisors of Glendale.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


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.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.