Apollo buys 24 L.A. apartment complexes

Apollo Real Estate Advisors bought 24 apartment complexes in the Los Angeles area for about $83 million and said it planned to upgrade the buildings.

The properties are in the Silver Lake, Westlake, Koreatown, Hollywood, West Hollywood and Los Feliz areas, and have a total of 1,002 units, New York-based Apollo said. The company plans to spend $20 million to improve the rent-controlled buildings over the next five to seven years.