LOS ANGELES, July 27, 2021 /PRNewswire/ -- Optimus Properties, LLC has completed the purchase of three apartment buildings located on Norton Avenue, Virginia Avenue and Beachwood Street this week. With this transaction, Optimus now owns over 800 units across the Los Angeles metro area, building upon its recent acquisitions of a 16-unit multi-family building In Baldwin Vista and a 17-unit property in West Los Angeles/La Cienega Heights.
Beachwood and Virginia are two-story, mid-1960's construction apartment buildings, located approximately five blocks apart in East Hollywood, north of Santa Monica Boulevard and south of Fountain Avenue, in an area bounded by several major transit corridors and revitalized retail and commercial uses. Norton is an attractive Bauhaus-styled 1956-built two-story apartment building located near Crescent Heights, in the heart of residential West Hollywood just north of Santa Monica Boulevard, and convenient walking distance to the vibrant shopping and entertainment district bordered by Sunset, Santa Monica, and Fairfax Boulevards. The area is positioned to benefit from the continuance of investment in the entertainment industry and the $2 billion development pipeline clustered around the Hollywood submarket of Los Angeles.
"These assets continue Optimus' approach in acquiring properties with established value but also tremendous growth potential; values in West Hollywood and East Hollywood are historically strong but trending stronger still" said Kamyar Shabani, Principal at Optimus Properties, LLC.
Optimus will maximize the value and desirability of these buildings through both exterior and interior renovation programs. Optimus' investment plan calls for the renovation of currently vacant units with a combination of new appliances, flooring, and bathrooms. The company's outlook on the current market conditions remains positive as the market for centrally-located housing remains strong for well-positioned properties. "We believe that Los Angeles commercial real estate remains a solid investment with potential for growth. These particular assets are centrally located near nodes of employment, entertainment, and commerce, and are, quite simply, great places to live. We are convinced this area will continue to flourish," stated K. Joseph Shabani, Principal at Optimus Properties, LLC.
About Optimus Properties, LLCOptimus Properties, LLC is headquartered in Los Angeles, California, and is engaged in the acquisition, development, leasing, and management of multi-family, retail, and commercial real estate. The Company employs a disciplined investment approach focused on value creation and capital preservation. The Company's investments are characterized by direct principal involvement and a meaningful contribution of its principals' capital. The Company's current portfolio consists of retail, office, medical office, and multi-family properties in California, Washington, and New Mexico, and has recently entered into the Portland, Oregon market with its purchase of two multifamily buildings there. The Company is also in the midst of acquiring an additional 70+ units in Baldwin Vista this summer in an unrelated transaction.
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SOURCE Optimus Properties, LLC