LOS ANGELES-Monem Corp., a private investment firm, has acquired two multifamily buildings at 1525 Cassil Place and 4517 Franklin Ave. in Los Angeles for a combined value of $3.5 million, GlobeSt.com reports in this exclusive story. The purchase brings Monem Corp.'s portfolio to more than 60 multifamily properties.
“These were both off-market opportunities and buildings that we felt we could add some value to,” Danny Monempour, Monem Corp.'s president, tells GlobeSt.com. “They were both rent-control properties and had a lot of upside.”
The Cassil Place property has 20 units and 100% occupancy and was purchased for $2.17 million from a private investor. The Franklin Ave. property, which has 10 units with an entitlement for 16 lofts or condos, was purchased for $1.4 million from Franklin Lofts LLC. Both sales closed at a 6% cap rate.
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Kelsi Maree Borland
