LOS ANGELES, CA, June 8, 2009 – Monem Corporation, a private investment firm focused on acquiring value-added multifamily properties in Los Angeles County, has acquired a 16 unit multifamily community located at 620 N. Sweetzer (top left photo) in Los Angeles for $2,075,000.Monem Corporation paid all cash for the property which was originally listed for $2.65 million.
Rueben Robin of The Robin Group represented Monem Corporation and the seller in the transaction.
“We were able to acquire this property because of our ability to pay all cash and close escrow in two weeks,” said Danny Monempour (middle right photo) of president of Monem Corporation. “We will continue to be actively looking to acquire multifamily properties in the Los Angeles area.
Built in 1929, 620 N. Sweetzer is 100 percent leased and features eight one bedroom/one bathroom units, six two bedroom/one bathroom units and two studio units. Currently, rents average $900 per month.
Based in Los Angeles, Calif., Monem Corporation is a private investment and management firm specializing in value-added multifamily properties in the Los Angeles area. For more information, please visit http://www.monemco.com/.
Contact: David Ebeling Ebeling Communications (949) 278-7851 david@ebelingcomm.com
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