The exchange buyer was Los Angeles-based Monem Corp., a privateinvestment firm focused on acquiring value-added multifamilyproperties in Los Angeles County. Monem bought a 24-unit complex at5463 Carlton Way in Los Angeles for $3.3 million after selling aseven-unit complex at 3545 Keystone Ave. in Los Angeles fromKeystone Properties LLC for more than $1.41 million.

At a time when every deal that closes raises the question, "Howwas it financed?" Monem Corp. president Danny Monempour comments:"Though the financial market continues to struggle, we were able tosecure a very attractive three-year fixed-loan at 6% with 30% downto acquire Carlton Way." Built in 1965, the 5463 Carlton Waycomplex is 100% leased and features 14 one-bedroom/one bathroomunits and 10 two bedroom/two bathroom units. Rents range from $650to $1,800.

Monempour, who says that Monem Corp. is looking to acquire moremultifamily properties in the Los Angeles area, notes that hisfirm's $1.41 million sale of the Keystone Avenue property resultedafter an unsolicited offer. Monem bought the property for $990,000in 2005. Both Monem and the seller were represented by Tony Azzi ofMarcus & Millichap in the acquisition on Carlton Way.

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