(Read more on the multifamily market.)

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MONROVIA, CA-Revere Investments LLC of Cerritos has sold its36-unit Wellesley Court Apartment complex to an Orange County-based1031 exchange investor for $6 million. The property is athree-story complex over one level of subterranean parking in asingle building on one acre at 208 W. Lemon St.

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Built in 1965, the property was 98% occupied and consists of 21one-bedroom, one-bath units measuring 650 sf and 15 two-bedroom,two-bath units measuring 900 sf, with 37 secured parking spaces.Rents averaged $1,250 per month following Revere's repositioningprogram.

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Property upgrades completed by Revere included new paint, garagedoors, new security fencing, pool refinishing, new exteriorlighting and signage. Unit interior upgrades, which averagedapproximately $12,000 per unit, included new kitchen counters,appliances, carpeting/vinyl, paint, crown molding and chairrails.

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Revere acquired the property in 2005 and the sale representedthe completion of the company's asset repositioning plan. Reverewas drawn to the property's location, one block from Monrovia's OldTown retail and restaurant district in the heart of the city.

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