X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

POMONA, CA-A partnership of private investors managed by Revere Investments LLC of Cerritos has purchased a 36-unit apartment complex here for $2.1 million in an off-market transaction, according to Mark Chalfin, a principal of Revere.

Chalfin says the partnership acquired the property from a Los Angeles-based private individual. The property is at 1452 W. Laurel Ave. and was built in 1965. The unit mix consists of 16 two-bedroom, one-bath units, 16 one-bedroom, one-bath units and four studio apartments in three two-story buildings constructed of wood and stucco. The property provides covered parking, a swimming pool and large tenant storage lockers. Revere partner David Jankowski notes that significant upside exists as in-place rents average $650 per month, well below the market rates of $800 per month. The transaction furthers Reveres strategy of building a multifamily portfolio in Eastern L.A. County.

Revere manages partnerships of individual and institutional investors to acquire value-added multifamily, office and industrial properties in Southern California in the $3 million to $20 million range.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.