Optimus Properties, LLC Completes Purchase of Westwood Boulevard, 20 Unit Apartment Building

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Optimus Properties, LLC

13 Apr, 2020, 10:23 ET

LOS ANGELES, April 13, 2020 /PRNewswire/ -- Optimus Properties, LLC purchased a 20-unit apartment building located at 3655 Westwood Blvd. this week for $6.065M. The building, built in 1966, is located in Palms, a high-growth submarket within the Greater Culver City area of Los Angeles County. The area allows current and future residents to enjoy the convenience of being located just five minutes from Downtown Culver City, a market undergoing a $2B development boom, and a train ride away to Downtown Los Angeles and Santa Monica. The property maintains a mix of 13 one-bedroom units and 7 two-bedroom townhouse units averaging approximately 750 square feet.  Optimus plans a program of capital improvements to update individual residences with modern finishes, and updated interiors.

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3655 Westwood Boulevard. 20 Unit apartment building located adjacent to downtown Culver City.
3655 Westwood Boulevard. 20 Unit apartment building located adjacent to downtown Culver City.

"The proximity to such a booming employment market, including employers Apple, Nike, and Amazon, as well as access to public transportation, is driving our thesis on the area and the Property," said Kamyar Shabani, a Principal at Optimus.  Amazon recently unveiled details regarding their $620 million Culver City Campus, which Optimus believes will be one of the many catalysts to the area.

Joseph Shabani, Principal at Optimus, said, "We are aware that many transactions in today's turbulent market have either been cancelled or put on hold. The fact that we are proceeding with this acquisition speaks to our confidence we have in the market as well as our ability to hold up commitments as a firm."

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 38-unit apartment building in Pasadena on Los Robles Ave., 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

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