Hollywood Apartments Sold for $73.9 Million

Lighthouse Group acquired Alaya Hollywood, a 218-unit apartment building located at 1714 N. McCadden Place, for $73.9 million, or $339,000 per unit. The company rebranded it as Fusion Encore Hollywood. It is one of several properties that Lighthouse Group owns and operates in the area, which include the 161-unit apartment building at 5750 Hollywood Blvd., acquired earlier this year for $54.5 million.

The seller, New York Life Insurance, was represented by Cushman & Wakefield. Lighthouse obtained a loan from KeyBank Commercial and was represented by Sklar Kirsh on legal matters.

Fusion Encore was built in 2010 and has four stories above two levels of subterranean parking. Lighthouse plans to add value through strategic improvements, improved operations and management through its sister company, Lighthouse Property Management.

Information for this article was sourced from Lighthouse Group.