Kennedy Wilson and The LeFrak Organization, in a 50/50 partnership, acquired The Chadwick apartments, a 687-unit apartment community on eight acres located in Los Angeles, CA, for $102 million in 2010. The property was originally constructed in 1968 as an Oakwood Corporate Housing community.
In 2014, the company commenced a comprehensive improvement program that included the building’s common areas as well as unit interiors. The cost of the improvements is approximately $10.5 million. With a majority of the improvements completed in late 2015, the property now boasts an unparalleled amenity package unique to the Koreatown and Downtown submarkets.
- Transformation of the pool decks to create a first class hotel-style atmosphere through the reconfiguration of hardscapes and installation of pavers, new furnishings, LED lighting and an outdoor fireplace
- Complete overhaul of underutilized sport courts to provide a best-in-class amenity package, including a basketball court, soccer field, tennis court and expansive play area
- Sitewide landscape improvements to increase sustainability, including drought tolerant plant materials, drip irrigation and smart controllers
- Reinvigorated clubhouse amenities such as the addition of a Wi-Fi resident lounge and game room featuring gaming stations, pool table, ping pong table, poker table and karaoke stage
- Improved curb appeal through reconstruction of the primary entry and exterior paint accentuating the buildings’ architectural details
- Interior corridors upgraded with new flooring, paint and LED lighting
- New signage installed throughout the community
- Cosmetic and technological upgrades for the elevators and laundry rooms
The transformation of the property will continue with an interior renovation program that is currently underway and includes the installation of updated cabinets, granite counters, stainless steel appliances, a new lighting package, contemporary paint and vinyl plank floors. To date, 289 units have been completed with an average return on capital of approximately 21%.