(Read more on the multifamily market.)
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.
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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