Optimus Buys Seven-Building MultiFam Portfolio for $21M
Optimus Properties, LLC has purchased a seven-property apartment portfolio in the Koreatown and Echo Park neighborhoods of Los Angeles. Marcus & Millichap represented the seller in the $21 million transaction, a family trust.
The communities were constructed between 1945 and 1991 and total 91 units. “The properties in the portfolio are located in areas that we owned many assets in, so we know these areas well and are confident our value-add strategy will perform well,” said Optimus’ Kamyar Shabani in a news release.
Optimus plans to modernize common areas, renovate unit interiors when vacancy naturally occurs and increase property management efficiencies. Joseph Shabani added, “We look forward to bringing these properties up to the standard that tenants demand in the up-and-coming neighborhoods they are located in.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.