Despite the financing obstacles that have slowed the market, Monempour sees this as "a great time to acquire properties" and says that his firm will remain very active in 2009. The company has another three properties currently in contract and expects them to close escrow soon.
In the 843 Ardmore transaction, both the buyer and the seller were represented by Dan Baird of Bridgepointe Equity Partners. For the 737 Burlington deal, Josh Tomaszewski of JRM Properties represented both parties, and in the Venice transaction, both parties were represented by Judd Weiss of Remax Commercial.
The three properties, acquired from private investors, bring Monem Corp.'s total acquisitions to more than 30 buildings in the past year. The LA-based investment and management firm's acquisitions during that time included a 24-unit complex at 5463 Carlton Way in Los Angeles that it acquired last fall.
Monem's deals are among a number of transactions by private investors that continue to close despite the sluggish sales velocity in all property types, including multifamily. For example, Marcus & Millichap on Tuesday reported the sale of a seven-unit apartment building at 601 W Center St. in Placentia, in which the buyer and the seller were both private investors. The deal was brokered by Tyler Leeson of Marcus & Millichap.
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