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6/09/16
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The Monem Corporation recently acquired two LA-area apartment properties in deals totaling roughly $16.4 mil. The properties, located in Eagle Rock and Highland Park, contain a combined 84 units.
In the larger transaction, Monem paid $13 mil for The Eagle View Apartments, a 64-unit ($203k/unit) property located at 4124 Eagle Rock Blvd in Eagle Rock. The 42.5k sf complex, built in 1985, consists of all non-rent controlled units and includes a pool, spa, laundry and courtyard. The Azzi Group at Marcus and Millichap brokered the deal on behalf of both parties.
In the second transaction, Monem paid $3.4 mil for The Highland, a 20-unit asset located at 6607 N. Figueroa St in Highland Park. Built in 1963, the 14.5k sf structure includes a pool and laundry. Blake Rogers with HFF represented both parties in this transaction.
In both cases, Momen plans to revitalize and enhance the units in the properties by modernizing the façades of the buildings, upgrading common areas, and renovating unit interiors. The interiors will be upgraded to feature modern wood laminate floors, stainless steel appliances, quartz counters, new shower enclosures and new vanities, among other improvements.
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