Revere, which acquired the property in March 2003, renovated the complex with approximately $5,000 per unit in interior unit upgrades and exterior improvements. According to Revere partner Mark Chalfin, the exterior upgrades included new landscaping, new site signage and exterior paint. Following the renovations, Revere raised the average rents from $800 per month when it acquired the property to $1,180 per month at the time of sale.

The Whittier transaction was the second that Revere has closed in recent weeks. The other, reported recently on GlobeSt.com, was the $7.2-million purchase of the 48-unit Florentine Apartments at 9070 Florence Ave. in Downey in a joint venture with Seaview Ventures LLC in a value-added repositioning play.