LOS ANGELES, March 10, 2021 /PRNewswire/ -- Optimus Properties, LLC purchased a 16-unit apartment building located on South Bedford Street this week. The building, built-in 1965, is centered in La Cienega Heights, a dynamic, multi-cultural neighborhood, nestled between Culver City and Beverlywood. The garden-style property features 16 units, offering a unit mix of one-, two- and three-bedroom units. The area is positioned to benefit from the continuance of investment in the entertainment industry and the $2 billion development pipeline clustered around the Culver City submarket of Los Angeles.
"Our team identified positive employment catalysts centered around large investments in public infrastructure which connect Santa Monica and downtown Los Angeles with Culver City," said Kamyar Shabani, Principal at Optimus Properties, LLC. Major employers include Apple, Netflix, HBO, Sony Studios, Fox, and the NFL Network. Amazon recently unveiled details regarding their $620 million Culver City Campus, which Optimus believes will be one of the many catalysts to the area. With this transaction, Optimus now owns over 800 units across the Los Angeles metro area.
The property will be repositioned 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 vaccine rollouts continue across the country and businesses begin re-opening. "Our team's strategy hasn't changed since the start of the pandemic. We take a hands-on management approach to all our deals and remain bullish for the future of commercial real estate. This asset maintains a strong unit mix centered around online entertainment titans. We are convinced this area will grow over the next decade," stated K. Joseph Shabani, Principal at Optimus Properties, LLC.
Recently, Optimus Properties refinanced a portfolio of five multifamily properties, totaling 95 units, with refinanced proceeds of $20.4M. The group of properties underwent a multi-million-dollar remodeling process that included renovations of the common areas, unit interiors, exterior façade, and building systems. The properties are located east of Hancock Park, the Fairfax district of Los Angeles, West Hollywood, the Miracle Mile area, Central Los Angeles, and Mt. Washington.
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.