TODAY’S DEALS: Monem Corp. Acquires 24-Unit Community for $3.3M, and Other Transactions
- Oct 22, 2008
By Anuradha Kher, Online News EditorLos Angeles–Monem Corp. recently acquired a 24-unit multifamily community, located at 5463 Carlton Way in Los Angeles, for $3.3 million. Tony Azzi of Marcus & Millichap represented Monem Corp. and the seller in this acquisition.“Though the financial market continues to struggle, we were able to secure a very attractive three-year fixed loan at six percent with 30 percent down to acquire Carlton Way,” says Danny Monempour, president of Monem Corp. “We will continue to actively look to acquire multifamily properties in the Los Angeles area.”Built in 1965, 5463 Carlton Way is 100 percent leased and features 14 one-bedroom/one-bathroom units and 10 two-bedroom/two-bathroom units. Currently, rents range from $650 to $1,800.Hendricks & Partners Arranges Sale of 15-Unit Rental Community for over $2MPasadena, Calif.–Hendricks & Partners recently arranged the sale of 350 South Sierra Madre Blvd. (pictured), a 15-unit rental community in Pasadena, Calif., for $2,522,000.350 Sierra Madre Apartments LLC sold the property to A & J Apartments LLC of Temple City, Calif.Sierra Madre Apartments was fully rehabbed with rents at market rate. The cap rate is 5.86 percent and 11.44x gross.Alliant Capital Closes $1.55M Supplemental Apartment LoanPhoenix–Alliant Capital LLC closed a $1,550,000 second lien collateralized by the Park Tower Apartments in Phoenix. The 180-unit garden apartment community, built in 1986, features 10 two-story apartment buildings.Alliant provides return of equity to its borrowers through structured subordinate financing behind its own senior debt.