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9/12/22
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Monem Corporation has acquired two L.A. area multifamily properties totaling 59 units for $10.82 mil ($183k/unit). With these latest acquisitions, Monem now owns more than 100 multifamily properties.
One of the properties, located at 6861 Sepulveda Blvd, just north of Vanowen St in the central San Fernando Valley community of Van Nuys, totals 32 units and sold for $5.7 mil ($178k/unit). The two-story property features hardwood floors, walk in closets, updated kitchens, cable ready, secured parking, refrigerator, heater wall units, a/c units, open parking, BBQ and picnic area and community laundry. It was 97% occupied at the close of escrow.
Jesus H. Henao and Andrew Powell III of Leola Commercial represented Monem and the seller, Bernard Avenue LLC, in the transaction.
Monem’s other acquisition is located at 1469 and 1501-1511 12th Ave, north of Venice Blvd and east of Crenshaw Blvd, in Los Angeles. The two-story property, consisting of 24 apartments, one bungalow and two ADU units, traded for $5.12 mil. The property was 97% occupied at the close of escrow.
The seller, a private investor, was represented by Reza Ghobadi of Colliers.
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