The exchange buyer was Los Angeles-based Monem Corp., a private investment firm focused on acquiring value-added multifamily properties in Los Angeles County. Monem bought a 24-unit complex at 5463 Carlton Way in Los Angeles for $3.3 million after selling a seven-unit complex at 3545 Keystone Ave. in Los Angeles from Keystone Properties LLC for more than $1.41 million.

At a time when every deal that closes raises the question, "How was it financed?" Monem Corp. president Danny Monempour comments: "Though the financial market continues to struggle, we were able to secure a very attractive three-year fixed-loan at 6% with 30% down to acquire Carlton Way." Built in 1965, the 5463 Carlton Way complex is 100% leased and features 14 one-bedroom/one bathroom units and 10 two bedroom/two bathroom units. Rents range from $650 to $1,800.

Monempour, who says that Monem Corp. is looking to acquire more multifamily properties in the Los Angeles area, notes that his firm's $1.41 million sale of the Keystone Avenue property resulted after an unsolicited offer. Monem bought the property for $990,000 in 2005. Both Monem and the seller were represented by Tony Azzi of Marcus & Millichap in the acquisition on Carlton Way.