WHITTIER, CA-Revere Investments of Cerritos has acquired the Whittier Pines Apartments and plans to invest $10,000 per unit on improvements at the property in a value-added play. Revere bought the property, which is at 12512 Penn St. in Whittier's Uptown District, from a Los Angeles-based private partnership for $3.9 million.
The complex comprises 26 units in two two-story apartment buildings surrounding a landscaped central courtyard situated on slightly less than an acre. Completed in 1986, the property is 100% occupied and consists of two one-bedroom, one-bath units measuring 720 sf, 20 two-bedroom, two-bath units measuring 860 sf and four 950-sf two-bedroom, two-bath units with separate dining rooms.
The complex provides 52 parking spaces, along with common area amenities include security gating, covered parking, laundry facilities and tenant storage units. In-place rents at the property average $1,050 per month, approximately 25% 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. Revere, which was founded by managing principals Mark Chalfin and David Jankowski, has acquired and sold more than 1,000 apartment units in Southern California in the past three years.
In another multifamily deal that closed recently, Downstream Exchange Company LLC acquired the- unit Villa Gardens apartment complex in Hawthorne for $11 million from Villa Gardens Group LLC, which had owned it since 1990. Gordon Reese of Marcus and Millichap represented the buyer and the seller of the property, which is at 3734 El Segundo Blvd.
In a third deal, X12 properties bought a 14-unit complex at 17 Northstar St. in Marina Del Rey from a family trust for $5.2 million. Both parties were represented by Michel Hibbert of the Charles Dunn Co., who reports that the property, built in 1971, was 80% leased at the time of the sale. The buyer plans to renovate the vacant units, common areas and exterior.
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