Revere, which acquired the property in March 2003, renovated thecomplex with approximately $5,000 per unit in interior unitupgrades and exterior improvements. According to Revere partnerMark Chalfin, the exterior upgrades included new landscaping, newsite signage and exterior paint. Following the renovations, Revereraised the average rents from $800 per month when it acquired theproperty to $1,180 per month at the time of sale.
The Whittier transaction was the second that Revere has closedin recent weeks. The other, reported recently on GlobeSt.com, wasthe $7.2-million purchase of the 48-unit Florentine Apartments at9070 Florence Ave. in Downey in a joint venture with SeaviewVentures LLC in a value-added repositioning play.
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