Optimus Properties, LLC, a Century City based real estate company, has expanded its footprint in Southern California with a 100-condominium unit acquisition in Van Nuys valued at approximately $21M. Optimus has been deploying capital in larger assets located near major employment centers in greater Los Angeles, including the recent purchase of a 38-unit apartment building in Old Town Pasadena. But with recent events transpiring from the continued disruption caused by Covid-19, Joseph Shabani, Principal at Optimus, described the transaction as “a direct result of the team’s ability to both identify value and leverage our relationship with First Republic Bank, to secure an above average yield in a competitive buyer landscape.” Shabani believes this asset has institutional quality to its charm, with an array of exit strategies. The acquisition, comprised of 100 condominium units, is part of a larger, 161-unit condominium complex.
“We are very excited about our newest acquisition. We were most drawn to the size and resort vibe of the property.” Kamyar Shabani, principal at Optimus, said.
A recent National Multifamily Housing Council report found that 84 percent of apartment households made a full or partial rent payment by April 12th; highlighting the firm’s conviction in the security of multifamily assets driven by strong employment hubs and rental collections.
“Given the asset’s convenient location to the 405 freeway, in addition to it’s comparatively low price point for the Southern California region, we believe there is significant upside to the deal in the long-term,” said Kamyar Shabani. He notes that “the asset is well-positioned for investors looking to find security amidst market uncertainty and volatility.”
About Optimus Properties, LLC
Optimus 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.
Optimus Properties, LLC most recently acquired a twenty unit apartment building in Palms on Westwood Blvd., a prime high street-retail asset located in the Golden Triangle of Beverly Hills and has several other projects in the works in the Southern California Region including the planned 255-unit development in Pico Rivera.