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NoHo Apartments Sell for $2 Mil

NORTH HOLLYWOOD, CA-Privately held Lighthouse Group acquires 48-unit complex here for an average of $41,145 per unit, far less that what some other investors have recently paid in the same area.

By David W. Myers | Updated on November 30, 2001

NORTH HOLLYWOOD, CA-A private investment group has paid nearly $2 million for an apartment complex here, believing it can make changes at the development that could raise the project’s rental income by as much as 40%.

The 48-unit complex, known as Simpson Avenue Apartments, stands at 7521 Simpson Ave. It was acquired by locally based Lighthouse Group.

The seller is Lankershim North Hollywood Partners, a private investment group headquartered in Beverly Hills. Melinda Russell of Henricks & Partners in Sherman Oaks represented both parties in the transaction.

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