GLENDALE, CA-Revere Investments of Cerritos has sold the
56-unit Monarch Terrace Apartments to a private investment
group for $11 million following the completion of its repositioning
plan. The property is located at the corner of Chevy Chase
Drive and Glenoaks Boulevard.
The Monarch
Terrace complex consists of a three-story apartment building
over subterranean parking. Completed in 1960, the property
is 98% occupied and consists of 12 two-bedroom, two-bath units
measuring 1,000 sf, 34 one-bedroom, one-bath units measuring
770 sf and 10 studio units measuring 500 sf each. The complex
provides 56 on-site parking spaces, along with common area
amenities include security gating, laundry facilities, a swimming
pool and tenant storage units.
Dean Zander
of the Los Angeles office of Hendricks & Partners, who
represented
both Revere and the buyer, comments that the sale represented
"a rare opportunity for the purchaser to continue the
renovations that Revere began." Buyer Silverado Canyon
Partners of Aliso Viejo plans to invest approximately $25,000
per unit in renovations, upgrades, and capital improvements
to the unit interiors and common areas to further Revere's
repositioning program, according to Zander.
Following
Revere’s re-positioning program, in-place rents at the
property averaged around $1,200 per month, up from $950 per
month when Revere acquired Monarch Terrace in October 2006.
Property upgrades completed by Revere include new paint, upgraded
landscaping, new exterior lighting and signage, renovation
of the lobby and a leasing office. Unit interior upgrades,
which averaged approximately $12,000
per unit, included new kitchen counters, stainless-steel appliances,
carpeting/vinyl, paint, and lighting and plumbing fixtures.
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 four years.
