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.
All 48 of the apartments are one-bedroom units, Russell tells GlobeSt.com. The $41,145-per-unit price is well below the average that some others investors have recently paid in the area.
The buyer "looked at this as a real 'value-added' play," says Russell. By making some management and marketing improvements, she adds, buyer Lighthouse Group believes it could increase the property's rental income by as much as 40%.
Though North Hollywood is subject to local rent-control laws, landlords are generally permitted to raise rents on newly vacated units to market levels.
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