The apartment complex stands at 7600 Manchester Blvd. It was purchased by 7600 Manchester LLC, an entity formed by LA-based Hanover and Beverly Hills-based Kennedy-Wilson.
The seller is Playa Holdings Inc. LLP, a group of local private investors. Mark Macedo, Hanover's managing director, says a renovation of both the exterior and interior of the property will begin immediately and that the complex will be renamed Club de la Playa.
"The apartment complex is in a great infill location, and its rents are as much as 30% under market," Macedo tells GlobeSt.com. He adds that the location and opportunity to raise rents—-combined with a Westside vacancy factor below 5%--"made this property very attractive."
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