Los Angeles’ Runway Complex Sells for $428 Million to Hines

The Runway, a sprawling residential and retail property on the west side of Los Angeles, sold for about $428 million.

Hines bought the property, which has 420 apartments and a Whole Foods supermarket in LA’s Playa Vista master-planned community, according to a statement Monday. The real estate last sold for $475 million in 2016, according to news reports at the time.

Jones Lang LaSalle Inc. represented the seller Invesco Real Estate. A spokesperson for Invesco declined to comment.

“We have a very high conviction to deploy capital,” said Alfonso Munk, co-head of investment management at Hines. “We want to be ...