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| 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.”
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| 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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