SoCal apartments sold

Investment group relinquishes long-term ownership

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Marcus & Millichap negotiated the sale of Lakewood Manor, a 661-unit garden-style multifamily property in Lakewood, Calif. The value of the transaction was $68 million. Lakewood Manor was built from 1957 through 1963 in five separate phases by legendary developer Ben Weingart. The complex consists of 64 two-story apartment buildings situated on approximately 12.5 landscaped acres. The property features eight distinctive floor plans, including one-, two- and three-bedroom units, totaling 472,063 square feet of living space. A private investment group, which had owned the property for more than 20 years, sold the asset to Kennedy Wilson Properties Ltd., a real estate investment fund management and services firm headquartered in Beverly Hills, Calif.   At closing, occupancy was approximately 95 percent. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....