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Commercial Real Estate

January 30, 1998|MELINDA FULMER

Lincoln Property Co. has been selected to develop the 125 luxury apartments planned as part of the Warner Ridge development in Woodland Hills.

Dallas-based Lincoln said Thursday that it will purchase 5 acres from the project's developer, Katell Properties, next week. It will begin construction of the $18-million Mediterranean-style complex in May. Builder Jerry Katell has said he hopes to begin construction of Warner Ridge's commercial portion by 2000.

The apartments, which are expected to fetch monthly rents of $1,100 to $2,100, should be ready for occupancy by the spring of 1999.

The complex is the third Los Angeles-area apartment community under development by Lincoln. A project in Marina del Rey is under construction and a high-rise tower near Santa Monica will break ground in the next 60 days. Lincoln also has agreed to purchase land for a 280-unit assisted-living and skilled-nursing facility in Laguna Niguel.

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