Apollo Real Estate Advisors has purchased 24 rental properties in the Silverlake, Westlake, Koreatown, Hollywood, West Hollywood and Los Feliz areas for about $83 million.

The New York-based real estate investor and fund manager said it plans to maintain the 1,000 or so apartments, which are mainly rent-controlled one-bedroom and studios, as rental housing.

Apollo also said it has set aside more than $20 million for improvements to the properties over the next five to seven years, including upgrades to lobbies and common areas, landscaping and security systems.