GLENDALE, CA-Revere Investments of Cerritos has acquired the 56-unit Glendale View Apartments for $7.4 million and plans to invest $15,000 per unit on improvements at the fully occupied complex. Revere bought the property, which is located at the prominent corner of Chevy Chase Drive and Glenoaks Boulevard here, from a Los Angeles County-based private partnership.

Revere's new asset is located across the street from Glendale Adventist Medical Center, which is currently undergoing a major expansion. The Glendale View complex consists of a three-story apartment building over subterranean parking.

Completed in 1960, the complex consists of 12 two-bedroom, two-bath units measuring 1,000 sf, 34 one-bedroom, one-bath units measuring 770 sf and 10 500-sf studio units. The property features 56 on-site parking spaces, along with common area amenities including security gating, laundry facilities, a swimming pool and spa, and tenant storage units.

In-place rents at the property average $950 per month, approximately 40% below market. Revere's strategy is to reposition the complex at the top end of the market after its capital improvement program, which will include common area upgrades in addition to upgrades to the units.

This is the first foray into the Glendale market for Revere, which was founded by managing principals Mark Chalfin and David Jankowski. The company has acquired and sold more than 1,000 apartment units in Southern California in the past four years.