Lakewood landlord.Advanced Real Estate Services Inc. last week bought the 565-unit Lakewood Lakewood. 1 City (1990 pop. 73,557), Los Angeles co., S Calif., a residential and industrial suburb of Long Beach; inc. 1954. Nearby are extensive aerospace, high-technology, and electronic industries. 2 City (1990 pop. Manor apartment complex from Kennedy Wilson Wilson, city (1990 pop. 36,930), seat of Wilson co., E N.C., in a rich agricultural region; inc. 1849. It is a commercial and industrial center with a large tobacco market. Manufactures include textile goods (especially clothing), metal products, and processed foods. Inc. for $76.6 million. The property is part of a large 60-building apartment complex scattered Scattered Used for listed equity securities. Unconcentrated buy or sell interest. on 12.5 acres near the Lakewood Mall. Kennedy Wilson bought the property a year and half ago for $68 million and sold off four buildings with 96 units to different buyers in late summer 2005. Kennedy Wilson spent $3 million renovating the complex, located at 4907 Hayter Ave AVE Avenue AVE Average AVE Alta Velocidad Espanola (train between Madrid and Seville) AVE Alta Velocidad Española (Spanish: High Speed Train) AVE Audio Video Entertainment AVE Advertising Value Equivalent . More than 75 percent of the units in the complex have been renovated. Advanced Real Estate Services plans to spend another $11 million renovating the property. Beverly Hills-based Kennedy Wilson increased the value of the property by raising rents, upgrading units and renovating the buildings' exteriors. Lakewood Manor, which is about 95 percent occupied, accounts for 15 percent of Lakewood's total apartment stock and it's one of the largest apartment complexes in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . "This was one of the perfect matches for us," said Richard Julian, president of the Lake Forest, Calif.-based real estate and management company. In the last six months, Advanced Real Estate Services has spent $100 million in multifamily properties and the company now owns apartment buildings containing 5,000 units. Rents in the Lakewood area have been on the rise, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. apartment tracking firm RealFacts Inc. Since Kennedy Wilson bought the complex, average Lakewood rents have risen nearly 20 percent to $1,343. Ronald Z. Harris, vice president of investments at Marcus & Millichap, represented the buyer and the seller in the transaction. Staff reporter Andy Fixmer can be reached by phone at (323) 549-5225, ext. 263, or by email at afixmer@labusinessjournal.com. |
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