MONROVIA, CA-Revere Investments LLC of Cerritos has sold its 36-unit Wellesley Court Apartment complex to an Orange County-based 1031 exchange investor for $6 million. The property is a three-story complex over one level of subterranean parking in a single building on one acre at 208 W. Lemon St.
Built in 1965, the property was 98% occupied and consists of 21 one-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 repositioning program.
Property upgrades completed by Revere included new paint, garage doors, new security fencing, pool refinishing, new exterior lighting and signage. Unit interior upgrades, which averaged approximately $12,000 per unit, included new kitchen counters, appliances, carpeting/vinyl, paint, crown molding and chair rails.
Revere acquired the property in 2005 and the sale represented the completion of the company's asset repositioning plan. Revere was drawn to the property's location, one block from Monrovia's Old Town retail and restaurant district in the heart of the city.
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