LOS ANGELES, CALIF.– Monem Corporation, a privatefirm focused on acquiring value-added multifamily properties in Los Angeles County, has acquired two properties for $2,175,000 and $1,400,000, respectively. With these two acquisitions, Monem now owns more than 60 multifamily properties throughout Los Angeles.
“Monem Corporation is actively seeking to acquire additional properties in Los Angeles submarkets as the demand for rental housing continues to remain strong with vacancies in the low single digits in most key areas,” said Danny Monempour, president of Monem Corporation.
The first property is located at 1525 Cassil Place in Los Angeles. The seller, a private, as well as Monem were represented by Ramu Sunkara and Kanna Sunkara of Sunkara Investments in the transaction. The sale closed at a cap rate of 6 percent. The 20 unit property is 100 percent occupied with rents ranging from $695 to $1,095.
The second property is located at 4517 Franklin Avenue in Los Angeles. The seller, Franklin Lofts LLC, was represented by Rich Johns of Keller Williams. Johns also represented Monem in the transaction. The property closed at a 6 percent cap rate. The 10 unit property is located in the desirable Los Feliz area.The property is also entitled for 16 lofts/condos.
About Monem Corporation
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.