LOS ANGELES, April 15, 2020 /PRNewswire/ -- Optimus Properties, a Century City based real estate company, beat out several potential buyers to purchase an apartment building that went up for sale in the Old Town Pasadena neighborhood. The 38-unit apartment building at 400 North Los Robles Avenue, was sold this week to Optimus Properties, LLC. The building stands adjacent to the 210 freeway and within walking distance to the center of Old Town Pasadena and the Gold Light Rail Lake station.
"We are aware that the current market conditions are unsettling, but our conviction is that Pasadena will remain a strong rental market despite the intermediate downturn and the purchase price reflected the current uncertainties in the marketplace. We believe that local transportation initiatives, and strong economic fundamentals, support our position on the Pasadena market. Our plan is to rehabilitate vacant units as they open by modernizing the interiors to be competitive with Old Town Pasadena inventory," said Principal Kamyar Shabani.
The one-story building was constructed in 1958 and is located directly across from the Kaiser Permanente Building on Los Robles Avenue. The property is also within walking distance of the Paseo, the Pasadena Playhouse and numerous retail locations within Old Town Pasadena shopping district. The property contains 27 one-bedroom units and 11 two-bedroom units averaging about 900 square feet.
Joseph Shabani, Principal at Optimus Properties, said, "The property attracted numerous offers from potential buyers because of the rarity of the offering, overall sales inventory for this generational neighborhood, and proximity to the new Light Rail Gold line." Shabani stated that this was one of 11 properties sold in the old town market in the past ten years.
About Optimus Properties
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 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.
SOURCE Optimus Properties, LLC