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JV Buys Westside Units; Deal Marks Pair's Fourth Acquisition This Year

LOS ANGELES-Hanover Financial Co. and Kennedy-Wilson acquire 292 apartments in Playa del Rey as part of $200-million joint-venture agreement.

By David W. Myers | Updated on October 13, 2000

LOS ANGELES–Hanover Financial Co. and Kennedy-Wilson International have bought a 292-unit apartment complex in Playa del Rey, marking the fourth acquisition the pair has made under a $200-million joint-venture agreement reached earlier this year.

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.

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