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 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 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.

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