Beverly Hills, Calif.-based Kennedy-Wilson Inc. and Los Angeles-based Hanover Financial have purchased 7600 Manchester Avenue, a 292-unit apartment complex in Playa del Rey, Calif., from an undisclosed private investor. The complex, which was built in 1972, consists of a three-story building with 164 units and a four-story building with 128 units.

Kennedy-Wilson has plans for a complete renovation and has renamed the complex "Club de La Playa." Improvements will include a new leasing office, a new fitness center, and interior and exterior upgrades. Kennedy-Wilson will also oversee the managing and marketing of the property.