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COMMERCIAL REAL ESTATE

Selby Property to Become Luxury Complex

August 15, 2000|BOB HOWARD

Development and investment firm R.W. Selby & Co., which this summer acquired the 582-unit West Palm Apartments in West Los Angeles for $70 million from longtime owner West Palm Associates Ltd., will convert the property to a luxury, resort-style complex and will rename it the Heights, according to an announcement by the company.

Selby plans to renovate the apartment units and common areas of the property, which include pools, spas, fitness and aerobics facilities, jogging trails and a business center, Selby President Steven K. Fowlkes said. Construction at the complex, on an 11-acre hilltop site overlooking the Howard Hughes office center and the Playa Vista development, should be complete by the end of the year.

Selby, which has acquired 1,100 apartment units in Southern California in the last year, owns about 3,000 units in Southern California. The West Los Angeles-based company was represented by Daniel Fried, Selby Co.'s director of acquisitions. West Palm Associates represented itself.

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