Here's the deal.
Your general description of the circumstances suggests two different legal theories under which you may be able to terminate the lease:
1. Breach of the covenant of quiet enjoyment. This means that the landlord or his/her agent (property management) has violated your right to the exclusive possession of the premises. The complete acquiescence of enforcing reasonable noise rules in the complex could be viewed as a breach. The term "quiet" doesn't actually refer to noise -- it refers to your right to be undisturbed in your possession of the rental property
. But, in this case, a continued barrage of noise can be said to actually interfere with your possession, because you can't live in an environment where you cannot sleep, and if the landlord is responsible, then that is a breach of covenant.
2. Breach of the warranty
of habitability. If a property has substantial dilapidations that makes it uninhabitable, then this breaches the warranty of habitability. Defective electrical wiring is a health and safety hazard, and that breaches the warranty.
Ultimately, however, in order to prove your right to terminate the lease, you must be able to assemble evidence that a court will accept. You can hire your own electrician to inspect the property and report on the defects (and you will need this person to be available to testify in court, so you need to clear this up in advance, so that the electrician doesn't later balk at the subpoena, if and when the time comes to go to court). Or, you can complain to city code enforcement. If a code enforcement officer finds the property defective in some manner, then you have evidence that the court will accept (though, once again, you would need to subpoena the officer to testify).
You can never tell whether or not a property manager will let you out of a lease without a fight. But, I can promise you that you won't get out without credible evidence that the property manager will recognize puts the likelihood of legal action heavily in your favor.
So, ask code enforcement to inspect, or hire your own electrician, and see if you can get the evidence that you need. Otherwise, the only way to get out clean, is to either pay the landlord for the early termination -- or, find a tenant willing to assume your lease (hard to do, but, a legal option). If you find a replacement tenant, then you are off the hook as soon as the tenant takes occupancy.
Hope this helps.