Mar Moncho Acquires Montrose Multifamily Property On Piedmont Ave For $14.02M

The recently closed property transaction in Montrose involved a multifamily asset located at 2750 Piedmont Avenue. The property consists of 30 units with a total square footage of 28,904. The sale price for this transaction was recorded at $14,020,000, resulting in a per unit price of $467,333. Additionally, the price per square foot was $485.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $14,020,000
• Address: 2750 Piedmont Avenue
• Market: Montrose
• Units: 30
• Price Per Unit (PPU): $467,333
• Square Footage (SF): 28,904
• Price Per Square Foot (PPSF): $485

The buyer in this transaction was Mar Moncho, while the seller was Rohit Mehta. The brokers involved in the deal were Greg Alexanian and Nick Hayner from Alexanian Apartment Advisors.

The Alexanian Apartment Advisors were able to represent both the seller and the buyer in this record-breaking transaction. They successfully improved the buyer's cashflow position by divesting underperforming assets and acquiring the Piedmont property as their upleg. Simultaneously, the seller achieved record pricing in this private off-market transaction.

NOTE FROM BROKER: * Deuteronomy 28:8 *

To learn more about multifamily investment opportunities in the local market, interested parties can contact the Alexanian Apartment Advisors at (818) 239-1206 or visit their website at www.alexanianadvisors.com.