The 196-unit Park Place property is located at 300 and 301 W. Second St. in Santa Ana. Built in 1990, the complex features 13,000 sf of retail space, as well as a pool, spa, laundry facilities and a subterranean garage. It was 95% occupied at the time of sale.
Melinda Russell Hendricks & Partners represented the seller, 300 W. 2nd LLC, as well as the buyer. The property has been acquired by Santa Ana Park Place Associates LLC, a joint venture between Los Angeles-based Hanover Financial Co. and Beverly Hills-based Kennedy Wilson International.
Another Hanover and Kennedy Wilson joint venture recently scooped up a 187-unit apartment complex, also in Santa Ana. The property, known as Nantucket, was acquired by Nantucket 187 LLC for $14.3 million.
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