Investors Buy 59 Units in Three Apartment Deals

LOS ANGELES-Three buyers have acquired apartment buildings in L.A. County totaling 59 units in three separate deals. One of the buyers was in an exchange, another added to its Koreatown holdings via an off-market deal, and the third acquired a 100% occupied building.

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.