Monday, October 15, 2012

Monem Corp. Acquires Two Los Angeles Multifamily Properties for More Than $5 Million




1114  Clark Street Apartments
 LOS ANGELES, CA, OCT. 15, 2012 – Monem Corporation, a private investment firm focused on acquiring value-added multifamily properties in Los Angeles County, has acquired two-multifamily properties totaling 30 units for in excess of $5 million.  

With these two acquisitions, Monem now owns more than 50 multifamily buildings throughout Los Angeles.

            “The Los Angeles multifamily market fundamentals are continuing to be positive,” said Danny Monempour, president of Monem Corporation. “We are actively looking to acquire additional assets and have the ability to secure financing or the flexibility to close deals all cash and in a timely manner.”

Danny Monempour
Monempour continued by saying that we are seeing increased investor interest in multifamily properties because, over the past six months, we have seen Los Angeles rents increase by approximately 15 percent with vacancy remaining below three percent. 

The first property was acquired for $3.25 million and is located at Sunset Blvd. at 1114 N. Clark St. in a prime West Hollywood area. The seller was P&M Murrieta Silverado LLC. Prosser Stevens represented both sides of the transaction.

            Built in 1962, the property includes 18 units and has a pool and elevator. The property was 100 percent occupied at the close of escrow and offers rent ranges from $1,200 to $2,500 per month.

The second property was acquired for $1,785,000 and is located near the 101 Freeway and Franklin at 2001 N. Beachwood Dr. in Los Angeles. Monem Corp. was represented by Hanes Investment Realty, Inc. in the transaction. The seller, a private trust, was also represented by Hanes.

            Built in 1954, the property includes 12 units and was fully occupied at the close of escrow. Monthly rent ranges are offered at $900 to $1,500.

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 www.monemco.com.


Contact:

David Ebeling
Ebeling Communications
949.861.8351
949.278.7851 (Cell)


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